Targetiranje inflacije pred izazovima finansijske krize
Inflation Targeting Challenged By Financial Crisis

Summary/Abstract: The main target accepted by many central banks is stability of prices, because there is a wide consensus that low and stable inflation is the basis of economic growth. The choice of inflation targeting has given good effects both in developed and developing countries in transition, particularly in reducing high inflation in the initial period of monetary regime implementation. In conditions of significantly disturbed economic growth it is necessary to adjust the monetary policy. In such conditions the optimum monetary policy is the one which is flexible enough to support the inflation control goals and stimulate economic growth. The global financial crisis raised many questions for monetary policy creators. The answers to these questions should determine the further "destiny" of inflation targeting. Currently, the attempts of monetary policy innovation tend to introduce "improvement" of inflation targeting regime, with financial stability and real economy stabilization maintenance, as additional targets.

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