UDC 339.732.2(100)
Biblid: 1451-3188, 12 (2013)
Vol. 13, No 43-44, pp. 179-191

Оriginal article
Received: 01 Jan 1970
Accepted: 01 Jan 1970


Obradović Kristina (Саветник за усклађеност пословања и оперативне ризике, Народна банка Србије),

The author’s intention is to analyze a concept of central bank’s independence, using the example of European Central Bank, which certain theorists consider as the most independent central bank in a world, making this independence decomposed on its key aspects – institutional, legal, personal, functional and operational, as well as financial and organizational independence. These considerations author concludes indicating the position of the Court of Justice of the European Union which states that neither independance of the most independent central bank in a world is not apsolute, that it is actually limited by ECB’s functions, its objectives and delegated powers. Having in mind that comprehensive analysis of central bank’s independence has to include review of central bank’s responsibility, as counterbalance of its independence – author ends this analysis with elements of this responsibility and its manifestations.

Keywords: Central bank’s independence, European Central Bank, Institutional independence, Legal independence, Personal independence, Functional and operational independence, Financial and organizational independence, Central bank’s responsibility