As the current governor of the central bank and as an economist who has written on the subject could you give your view on the role of the National Bank in the hyperinflations of the early 1990s?

The hyperinflation was created by printing money partly by the central bank, but partly also through channels outside the central bank, the so-called "grey issue" money. Milosevic allowed institutions to create money that did not have the legal right to do so. So we had the Payment Systems Bureau that