ПРАВНИ ОСНОВ ОДГОВОРНОСТИ НАРОДНЕ БАНКЕ СРБИЈЕ ЗА ОЧУВАЊЕ МОНЕТАРНЕ И ФИНАНСИЈСКЕ СТАБИЛНОСТИ
THE LEGAL BASIS OF THE NATIONAL BANK OF SERBIA’S RESPONSIBILITY FOR PRESERVING MONETARY AND FINANCIAL STABILITY

Summary/Abstract: The National Bank of Serbia is an independent financial institution responsible for conducting monetary and foreign exchange policy, as well as for carrying out other tasks entrusted to it by law. Such legal status protects the NBS from political influence and guarantees its freedom in drafting and implementing monetary policy programs. Of course, the independence of the central bank is not absolute. This means that it does not have the freedom to choose the goals it will pursue, and that the concept of independence is accepted only in the part relating to the performance of entrusted tasks. The specificity of the position of the monetary authority in relation to executive and legislative power imposes the need to create a legal basis for democratic control and accountability of the central bank. In this way, the central bank alleviates the problem of democratic deficit and make its status, defined by the constitution and law, legitimate. According to domestic legislation, the central bank is subject to supervision and is accountable to the National Assembly for the realization of the established goals. In addition to the right to timely information on the monetary policy program (including the submission of work reports), the National Assembly may activate the instruments for eventual suspension of the implemented measures, or initiate the procedure for dismissal of the central bank officials in cases where the results differ significantly from the projected value of the main objective. The responsibility of the central bank also includes the obligation of cooperation with the government, as the creator of economic policy. The National Bank of Serbia is obliged to provide support to general economic policy, provided that this support does not call into question the realization of the basic objectives. Transparency in work is extremely important for the responsibility of the central bank. Timely informing the public about the purpose and results of the measures taken strengthens the credibility of the central bank and increases the public’s support, which makes it more capable of resisting political pressures and abuses of monetary policy.

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