Structural reforms to enhance competitiveness and support growth potential, fiscal consolidation and ultimately sustainable convergence are challenges to be addressed by the political authorities in this country in their endeavour to move closer to the EU. The best contribution the National Bank of Serbia can make to support this is to achieve price stability, based on a sound institutional framework that ensures its independence.
Turning back to the euro area, the crisis also revealed that the institutional framework of our Economic and Monetary Union – in which the ECB is the central bank tasked with ensuring price stability – needs to be strengthened.