recorded before the covid - 19 pandemic. strong money growth continues to reflect domestic credit expansion and the ongoing asset purchases by the eurosystem, as well as precautionary considerations which foster a heightened preference for liquidity in the money - holding sector. in this environment, the narrow monetary aggregate m1, encompassing the most liquid forms of money, continues to be the main contributor to broad money growth. 2 / 3 bis central bankers'speeches developments in loans to the private sector continued to be shaped by the impact of the covid19 pandemic on economic activity. following strong increases in the early months of the pandemic, the annual growth rate of loans to non - financial corporations stood at 7. 1 percent in september, unchanged from august. this, however, masks a moderation in recent monthly loan flows. the annual growth rate of loans to households edged up to 3. 1 percent in september, from 3. 0 percent in august. growth in loans to the private sector continues to benefit from historically low bank lending rates. according to our bank lending survey for the third quarter of 2020, credit conditions on loans to firms tightened. while banks indicated that their funding and balance sheet conditions remain supportive, higher risk perceptions could weigh on their attitude towards loan creation. surveyed banks reported a fall in firms ’ loan demand in the third quarter, reflecting a decline in emergency liquidity needs and weakening corporate investment. the survey indicates an increase in households ’ net demand for loans in the third quarter, while also suggesting the intention to tighten credit standards for households. overall, our policy measures, together with the measures adopted by national governments and european institutions, remain essential to support access to financing, including for those most affected by the ramifications of the pandemic. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is necessary to support economic activity and the robust convergence of inflation to levels that are below, but close to, 2 percent over the medium term. regarding fiscal policies, an ambitious and coordinated fiscal stance remains critical, in view of the sharp contraction in the euro area economy and the reduction in private demand. while fiscal measures taken in response to the pandemic emergency should, as much as possible, be targeted and temporary in nature, weak demand from firms and households and the heightened risk of a delayed recovery warrant continued support from national fiscal policies. the three safety nets endorsed

radovan jelasic : bringing serbia closer to europe speech by mr radovan jelasic, governor of the national bank of serbia, on the promotion of commemorative coins issued to mark the bicentenary of dositej obradovic ’ s coming to serbia, belgrade, 17 september 2007. * * * ladies and gentlemen, 200 years ago dositej obradovic came to liberated serbia and wholeheartedly put his knowledge in the service of the newly - fledged state and revival of the serbian national being. by advocating the setting up of modern institutions and promoting literacy and the use of language understood by all, dositej imbued serbia with the spirit of 18th century enlightenment ideas, thereby making the first significant steps towards making serbia and europe closer. even today his messages ring loud and clear, because serbia is a part of europe and is willing to accept and nurture european values. serbian government declared the year 2007 the year of dositej, while the national bank of serbia decided to mark the bicentenary of dositej ’ s coming to serbia by issuing gold and silver commemorative coins featuring his portrait. new series of coins consist of 500 finest gold coins in denomination of 5 000 dinars weighing 3, 455 g each and 1 000 finest silver coins in denomination of 1 000 dinars weighing 13 g each. as of today, commemorative coins featuring the portrait of this great serbian author, philosopher and linguist will be available for sale in the nbs head office in belgrade and in nbs branches in novi sad, kragujevac, nis and uzice. all those who acquire them will be able to read on their reverse dositej ’ s ever topical message : " learn and broaden your horizons throughout your life ". this is exactly what the national bank of serbia is doing – building a modern central banking institution ready for the time when serbia will join the european family. for us, this means at least three things : 1. unwavering pursuit of the principal objective of the national bank of serbia as defined in the law – to achieve and maintain price stability. 2. professional, responsible – or to put it in dositej ’ s words – modern and “ enlightening ” monetary policy. this can be nothing but a monetary policy that ensures low inflation, as today there is not a single country in the region or europe which has high rates of inflation. 3. thirdly, an independent central bank. this most certainly