All three rating agencies – Moody’s, Standard & Poor’s and Fitch estimated that Serbia faced the pandemic in a much better macroeconomic position and with significantly narrowed imbalances relative to ten years ago. The improvements that stand out relate to the achieved and preserved low  and stable inflation, relative stability of the exchange rate, adequate level of FX reserves and stronger fiscal position.
In response to these problems, regulatory reforms have been focused on two crucial areas: capital adequacy and liquidity requirements, as in Basel III, and recovery and resolution, as in the Commission’s proposal.