Economist Vladimir Gligorov said that the possible new cooling in relations between Serbia and the European Union and the U.S. would undoubtedly have an economic price.

"The possible new collision with the EU and the U.S. over the International Court of Justice stance [on Kosovo] would additionally extend the unclear status of Serbia, and investors do not like uncertainty," said Gligorov in an interview for the new issue of the Belgrade-based weekly magazine Ekonom:east.

According to Gligorov, when everything is taken into account, the cost of mistaken policies since 2001 has been enormous.

"Serbia lost an entire decade, and as things stand now we will lose another one because the 'will they-won't they' tactic is still being used. That is not a message with which to attract new investors," he said.

Gligorov said that the economic cost of Serbia not managing to normalize relations with the EU for 10 years was enormous, underlining that if Serbia had worked on that all this time, it would now be on the threshold of joining the EU.

"The crucial, most difficult problems are yet to come because of the crisis, and because of relations in the ruling coalition, I am not expecting the government, without any greater need, to come out with some consistent economic program that will pay more attention to the long-term needs of the economy and less to those of one or two lobbying groups," he said.

Vladimir Gligorov, an associate of the Vienna Institute for International Economic Studies, said that Minister of Economy Mladjan Dinkic and President Boris Tadic, with his cabinet, had decisive influence over economic policy in Serbia.