Jorgovanka Tabaković: National Bank of Serbia's Annual Financial Stability Report for 2017

Speech by Dr Jorgovanka Tabaković, Governor of the National Bank of Serbia, at the presentation of the Annual Financial Stability Report for 2017, Belgrade, 30 July 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen, members of the press and dear colleagues,

Welcome to the presentation of the Annual Financial Stability Report for 2017. Today we have the pleasure to present a report about a year marked by exceptionally positive developments, in Serbia and the international environment alike, as well as by the results we have achieved. Owing to this, financial stability has not only been maintained, but also reinforced, which is reflected in a financial system that is to a large degree resilient to any potential future shocks.

Global economic growth stepped up in 2017, which reflected positively on the growth prospects of Central, Eastern and South-Eastern European countries and pushed their risk premiums down. On the other hand, risks in the international commodity and financial markets persisted, primarily those associated with volatile movements in global oil prices and divergent monetary policies of the ECB and Fed.