GOALS OF THE NATIONAL BANK OF SERBIA ; CILJEVI NARODNE BANKE SRBIJE

Abstract

Starting from the legal position of the National Bank of Serbia, the paper analyzes the objectives entrusted to this institution by domestic legislation. In line with the dominant monetary paradigm, the main goal of the central bank of Serbia is price stability. After the global financial crisis, financial stability is increasingly mentioned as the objective that central banks implement. This also applies to the central bank in Serbia (National Bank of Serbia), which has a clear mandate to take account of financial stability, in addition to monetary stability. Finally, as an important subject of economic policy, the National Bank of Serbia, by exercising the entrusted functions also affects the achievement of other economic policy objectives. It should be kept in mind that domestic legislation precisely determines the hierarchy of the objectives of the central bank, considering that it explicitly stipulates that the National Bank of Serbia primarily takes care of monetary and financial stability, and only then it provide support for general economic policy, provided that it does not jeopardize the exercise of the basic objectives. ; U radu se polazeći od pravnog položaja Narodne banke Srbije analiziraju ciljevi koje domaće zakonodavstvo poverava ovoj instituciji. U skladu sa dominantnom monetarnom paradigmom, osnovni cilj centralne banke Srbije je stabilnost cena. Nakon globalne finansijske krize, u domenu ciljeva, koje centralne banke realizuju, dolazi do promene u smislu da se kao cilj sve češće pominje finansijska stabilnost. To važi i za centralnu banku Srbije koja ima jasan mandat da, pored monetarne stabilnosti, vodi računa i o finansijskoj stabilnosti. Najzad, kao bitan subjekt ekonomske politike, Narodna banka Srbije obavljanjem poverenih funkcija utiče i na ostvarivanje ostalih ciljeva ekonomske politike. Ono što treba imati u vidu to je da domaće zakonodavstvo precizno određuje hijerarhiju ciljeva centralne banke, budući da se izričito propisuje da Narodna banka Srbije prvenstveno brine o monetarnoj i ...