Opening remarks / Boštjan Jazbec, Giovanni Dell'Ariccia -- Panel 1, The coordination of monetary and fiscal policy principles and practical experience / chair: Nikolay Gueorguiev ; lead speaker: Steven Phillips ; panellists: Jan Smets, Lars Rohde, Dimitar Bogov, Nerses Yeritsyan -- Panel 2....

The NBRB has made substantial progress in improving its forecasting and policy analysis system (FPAS) and integrating it into monetary policy decision-making. The FPAS, and the model-based forecasts and policy analysis, is now well integrated into the policy-making process. Staff are well...

The macroeconomic effects of scaling up aid -- Managing the real exchange rate -- Using monetary policy for sterilization and inflation management -- Mobilizing adequate domestic revenues -- Projecting the impact of increased aid on economic growth -- Meeting other fiscal challenges --...