the subprime crisis ( july - october 2007 ), the second was the abrupt misalignment of monetary demand ( april - june 2008 ), and the third episode is associated with the severe worsening of the international crisis ( as from mid september 2008 ). in order to overcome them, we adopted a series of measures in sequence. we first restored the demand for money and normalized the foreign exchange market and later ensured the adequate supply of liquidity in order to guarantee systemic financial stability. this enables argentina to face one of the worst financial crises in decades. this situation is ratified when the degree of coverage of the financial system ’ s consolidated assets is analyzed. the current levels of international reserves are very high in historical terms and cover 62 % of private sector m3 compared to less than 40 % coverage before the 2001 crisis. the current levels are also 10 percentage points higher than these indicators at the end of 2004. this also happens when the coverage ratio is compared to the central bank liabilities. this strength makes it easier to act in a context of a weaker demand for money. therefore, the normalization of the domestic money market is underway and private sector deposits and loans are recovering their long - term growing trend in a framework of solid bank liquidity conditions. the combination of prudential and countercyclical policies that the central bank has developed on the monetary and financial level, added to the fiscal and external surplus, will therefore allow for the impacts of the international disruptions on domestic macroeconomic performance to be cushioned. although the reversal of the capital movements seen in argentina since the second half of last year is significantly larger than what happened during the “ tequila effect ”, the impact on real variables has been so far limited. aggregate activity has maintained a rising trend, although not as steep as at the beginning of the current expansive cycle. on the other hand, together with the moderation of growth of the level of activity and the recent correction of international commodity prices, in a stable exchange rate regime less pressure on domestic prices is foreseen. notwithstanding, the limitations faced by emerging economies to deal with extreme externals shocks makes a strong case for global mechanism of liquidity provision in an timely way. other way, countries might be tempted to try to address the shocks in an uncoordinated way probably by taking measures to close the economy thus hampering the progress made for the last decades on globalization. the backfire could be seen either on financial integration ( by controlling capital out

consecutive year, the current account deficit was fully covered by net fdi inflows. in 2022, fdi inflows to serbia again exceeded our november expectations, and in conditions of elevated global uncertainty they measured eur 4. 4 bn ( or 7. 1 % of gdp ), which is the new highest level of annual inflow on record. – the nbs fx reserves are also at an all - time high, measuring eur 20. 9 billion in january and guaranteeing the stability of our economy, as indicated by the fact that they have exceeded the benchmark values of all reserve adequacy metrics. – a confirmation of our economy ’ s stability and its favourable growth prospects going forward, as well as of the full coordination of monetary and fiscal policies, are investors ’ high demand for our securities in the international financial market last month and the achieved financing conditions, especially if compared with countries that have already been rated investment grade. in the remainder of the conference, we will present macroeconomic movements in greater detail and our latest projections. * * * as for international developments, the period since we last met in november was marked by somewhat more favourable global growth prospects and signs that inflation is gradually retreating from its multidecade highs. against the backdrop of the energy crisis and tighter financial conditions, optimism emerged as the prices of gas and other energy fell in the eu, and china backtracked on the zero - tolerance strategy to the coronavirus. there is no doubt that global economic growth will decelerate this year, notably over the tightening of central banks ’ monetary policies and the prolonged conflict in ukraine. still, estimates indicate that the second half of the year will see a recovery, propped by the accelerated economic growth in china, gradual balancing of the energy market in europe, abated global uncertainties and further resolution of bottlenecks in international supply chains. 2 оf 10 chart 2 global supply chain pressures and overseas container transport prices chart 1 global inflation projection for 2023 and 2024 ( in % ) ( index, show n in standard deviations ) ( in usd ) 12, 000 9. 9 global price of contrainer transport, lhs 10, 000 gspi, rhs 8. 8 8. 1 7. 3 8, 000 6, 000 4, 000 2, 000 6. 6 5. 5 4. 3 4. 6 2. 6 global inflation advanced economies source : imf. emerging economies - 1 source : federal reserve bank