This is corroborated also by household foreign exchange savings exceeding EUR 9 billion in January this year for the first time on record. With the exception of several smaller banks, Serbia’s banking sector remained stable during the crisis.
A key relationship is that when actual growth in output equals trend growth, utilization rates are constant; and when actual growth exceeds trend growth, utilization rates increase. BIS Review 48/1997  -4-  Now we can put the causal structure of the inflation process together, connecting up growth, unemployment rates, and inflation. Growth above trend raises utilization rates.