BIS central bankers’ speeches  3  The argument that Serbia should persevere on the path of investment and export-led economic growth and that the key role in its achievement should be played by structural reforms and fiscal consolidation was also suggested by Standard&Poor’s in its official statement in March 2011 when Serbia’s credit rating was improved from BB- to BB: “The increase of Serbia’s credit rating reflects the agency’s belief that the implementation of economic policy in Serbia has improved and that the country has gained a new momentum when it comes to fiscal consolidation, structural reforms and economic rebalance.”  The National Bank of Serbia, on its part, shall continue to strive towards stabilising inflation at a low level and preserving a healthy financial system, which, I am utterly convinced, represents the best way to help the economy in current circumstances and contribute to the creation of an environment conducive to business and investment.
The more effective fiscal consolidation and structural changes are, the more easily will the National Bank of Serbia achieve its objectives with less monetary policy restrictiveness. 4  BIS central bankers’ speeches