Central Bank Independence in Transition Economies

W. Maliszewski 

CASE Foundation 

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3B. Objectives, Formulation of Monetary Policy and Relations with other 

State Institutions 

The primary goal of the Bank is to ensure a stable currency and liquidity in the 

domestic and international transactions (Art. 2). To implement this task the Board of 

the Bank independently establishes the objectives and measures of monetary and 

foreign exchange policy (Art. 3 and 67). The Bank shall support Government 

economic policy if it does not violate the main objective of currency stability (Art. 2). 

The National Bank of Croatia is liable to the Parliament (Art. 3), reports to the 

Parliament on request and submits the report on its activity twice a year (Art. 8).