УТИЦАЈ ГЛОБАЛНЕ ФИНАНСИЈСКЕ КРИЗЕ НА ЕВОЛУЦИЈУ УЛОГЕ ЦЕНТРАЛНЕ БАНКЕ
THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON THE EVOLVING ROLE OF CENTRAL BANKS

Summary/Abstract: The paper discusses the impact of the global financial crisis, initiated by the collapse of the mortgage market of the United States in late 2007, on the changed role of the central bank. The global crisis has changed the general perception about the modus operandi of policy makers. This particularly refers to the central bank as an institution which, in most countries, has been vested with the primary responsibility to implement the anti-crisis program. This qualitatively new role includes the expanded list of goals whose implementation was the responsibility of the supreme monetary authority. Thus, in addition to the generally accepted goal of ensuring price stability, a new goal is to ensure the stability of the entire financial system. Establishing and maintaining financial stability also implies new responsibilities of national central banks. In addition to their traditional functions, central banks have the key role in managing macro-prudential policy. Finally, the challenges of the global financial crisis brought changes in the domain of monetary Instruments. Apart from using the standard tools, central banks respond to the challenges of the global crisis by introducing non-standard monetary policy instruments, which inter alia include the so-called quantitative easing (QE) and direct monetary transactions.

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