It has four key components: •  fiscal consolidation in those countries that need it;  •  a rotation of global demand (facilitated by greater exchange rate flexibility);  •  sweeping financial sector reforms; and  •  ambitious structural reforms to the real economy to foster higher long-run growth.
The success in following the desirable lines of development of debt instruments will also depend on the initiatives and coordinated actions of all players in the market. As so far, the National Bank of Serbia will not only actively participate in these initiatives and actions, but also take the leading role. Thank you for your attention. I wish you a successful and enjoyable Conference.