Central Bank Independence in Transition Economies

W. Maliszewski 

CASE Foundation 

42

support the realisation of the Government's economic policy” (Art. 3). The guiding 

principles and the means of the monetary policy are set by the Central Bank Council 

(Art. 57-5) but the Bank and the Government shall co-ordinate the guiding principles 

with annual budget proposal and possible deficit financing (Art. 43). NBH participates 

in framing the Government's economic policy (Art. 42). President of the Bank is 

invited to the Government's meetings if problems affecting NBH tasks are discussed 

(Art. 47). Government cannot give orders to the Bank on the issues defined as the 

NBH tasks (Art. 45). Government's delegate participates in the Board meetings but has 

no right to vote (Art. 57-4). President of the NBH presents to the Parliament the 

guiding principles of the monetary policy for the year and an annual account of the 

NBH activity (Art. 41).