It was based on six principles: •  Monetary policy does affect the inflation rate, but can not successfully be used to engineer a sustainably higher rate of economic growth or a sustainably higher level of employment. This principle was absolutely fundamental, and of course was totally at variance with the assumption underlying previous legislation.
*  *  *  Ladies and gentlemen, Mr Yves Thibault de Silguy, The role of the National Bank of Serbia is well defined by the Law adopted in mid-2003, maybe because that particular point was copied from EU Treaty provisions on the European Central Bank.