Much of the current hiking cycle has been about preventing secondround effects from manifesting, in turn preventing the need for steeper, more rapid interest rate increases later on. Second-round effects relate directly to central bank credibility.
The consensus was that the impact can be high when cooperation is open and honest, and there is strong commitment and dedication on both sides. A highly successful programme Today it is my pleasure to be in Belgrade on the occasion of the closing of the ECBcoordinated technical cooperation programme with the National Bank of Serbia.