I should not be the one to speak about the National Bank of Serbia’s performance over these 125 years and its achievements in the 21st century; you are the only valid judges of our work. By preserving stability in prices and ensuring a sound and stable financial system, the National Bank of Serbia is creating conditions for the country’s macroeconomic stability in general.
On the other hand, the LVR restrictions are more effective at restraining exuberance in the housing market and household debt, and at insulating the economy against adverse shocks. It's worth noting that all tools come with possible costs to financial system efficiency. For example, capital and liquidity tools increase the cost of credit provision for banks, while borrower-based tools curtail credit availability.