Nezavisnost centralne banke u zemljama Zapadnog Balkana
Central Bank Independence In The Countries Of Western Balkan

Summary/Abstract: During the last decade, legal status of central banks in Western Balkan countries endured significant changes. From the institution that was completely subjected to political sphere, central bank outgrown into the institution with high level of independence in con- ducting monetary policy. This paper, firs of all, presents arguments used in economic the- ory in favour of independence of monetary authorities. Starting from the indicators of in- dependence, which are developed in the theory, legal status of central bank in these coun- tries is analyzed. On the basis of analysis we may conclude that the degree of legally guar- anteed central bank independence to a great extent does not deviate from standards ac- cepted in the European Union. In this paper, considerable attention is put to the solutions in the legislative of these countries that are not in accordance with the EU legislative and which could brought into question independence of monetary institution. At the end of the paper, special emphasis is put on the necessity to define ways for establishing respon- sibility of central bank on the part of parliament and public. Incorporation of appro- priate mechanisms create conditions for the removal of frequent protest about defi- ciency of democratic legitimacy of supreme monetary authority.

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