p.1.

Polt montr un
1.1. Obtvl polt montr un
L dt d 7 fbrur 1992, s smnz rttul d l strt, d tr rl
uropn prtpnt l Sstmul ontr uropn , r uprnd prvdr d polt
montr nsttuonlzr st. Prn st trtt, r ntrt n vgor d l 1
nombr 1993 s ntrodu n nou onpt, l d Unun uropn (U) r runt:
omuntt uropn
ooprr n mtr d polt trn surtt
ooprr n domnul polt ntrn d ust
otrrl trttulu s-u mtrlzt n Sstmul uropn l nlor ntrl
(S), r uprnd n ntrl uropn (rt l 1 un 1998), u sdul l
Frnkfurt, nl ntrl onl l sttlor Unun uropn.
ntrut, pn n prznt, nu tot sttl mmbr l Sstmulu uropn l
nlor ntrl u trut l stdul l trl l Unun onom ontr,
dbutt l 1 nur 1999, fost nvo s s rz trmnul d urosstm, pntru
dsr n ntrl uropn bnl ntrl nonl l rlor r u doptt
uro mond un1.
urosstmul Sstmul uropn l nlor ntrl sunt ondus d orgnl d
dz l n ntrl uropn num d onslul Guvrntorlor onslul
Drtor (Fg. nr. 1). Fr s prudz rolul stor onslul Gnrl rprznt un l
trl ordn d dz l n ntrl uropn r uprnd rprzntn tuturor
rlor mmbr l Unun uropn r v st tt tmp t numt stt mmbr l
Unun uropn nu vor dopt uro mond omun.
rbu przt Sstmul uropn l nlor ntrl, t urosstmul nu
u prsonltt urd. n smb, n onformtt u drptul publ ntrnonl, n
ntrl uropn st o prson urd formz nulul rttur ompl
urosstmulu. n plus fr dntr bnl ntrl nonl r prsonltt urd n
onformtt u lgsl nonl dn r s. u tot st, bnl nonl dn zon
uro formz prt dn urosstm tr ut srnl r l sunt nrdnt d
n ntrl uropn. st bn ntrl pot ut lt fun n fr drulu
urosstmulu tt tmp t l nu ntrfrz obtvl msunl stu. n st
1

Belgia, Germania, Irlanda, Grecia, Spania, Franta, Italia, Cipru, Luxemburg, Malta, Olanda, Austria,
Portugalia, Finlanda, Slovenia, Slovacia

sns, numros bn ntrl nonl ut oprun fnnr p ont propru

rt suprvgr prudnl supr nsttulor d rdt nonl.

Sistemul European al Bncilor Centrale

Banca Central European

Consiliul General

Are drept scop de a permite

asocierea strns a statelor
membre care nu particip
nca pe deplin la UME la
deciziile luate n cadrul
acesteia.

Fg.nr.1

Bncile centrale naionale

Consiliul
Guvernatorilor
Stabilete orientrile i ia
deciziile necesare realizarii
SEBC. Ia msuri necesare
pentru asigurarea respectarii
orientrilor i instruciunilor
BCE.

Directorat

Aplic politica
monetar conform
orientrilor definite
de Consiliul
Guvernatorilor

Sstmul uropn l nlor ntrl Orgn. Rsponsblt.

ntrrl-2
nl ntrl ntonl dn trl Unun uropn r nu prtp l zon uro
sunt mmbr u sttut spl l Sstmulu uropn l nlor ntrl , rsptv sunt
mmbr u drogr, mpl fptul bnl ntrl ntonl dn st stt 3 nu
u numt drptur s oblgt n drul Sstmulu uropn l nlor ntrl s s pot
ondu proprl lor polt montr s nu u prt l prosul d formulr polt
montr un pntru zon uro s n l mplmntr st.
Obtvul fundmntl l Sstmulu uropn l nlor ntrl st mnn
stblt prurlor n zon uro, ond nsr rtr durbl sntos
onom rlor omuntr. trbul fundmntl l n ntrl uropn,
rs dn ndplnr stu obtv onform u trttul d l strt, sunt:
dfnt mplmntz polt montr Unun uropn;
oordonz oprunl d smb vlutr;
2
3

BASNO, Victor, DARDAC Nicolae Management Bancar, Editura Economica, Bucuresti, 2008, pagina 268
Marea Britanie, Suedia, Danemarca, Romania, Bulgaria, Cehia, Polonia, Ungaria, Estonia, Letonia, Lituania

 dn gstonz rzrvl vlutr ofl l sttlor mmbr l Unun

ontr;
sgur bun funonr sstmlor d pl (trnsfr);
Stblr mplmntr un polt montr orlt sttlor mmbr l
Unun uropn n onformtt u grdul d ntgrr rgonl dfrt l stor st f
o polt montr un, f mortzt pntru prgt o unfr n vtor, stfl:
pntru urozon, polt montr st un, s stblt d tr onslul
Guvrntorlor s ondu d tr fr bn ntrl nonl dn urozon
n mod dsntrlzt orlt;
pntru sttl mmbr Unun uropn, dr r u doptt uro, polt montr
nu st un, s stblt s ondu suvrn d tr utortt montr
nonl (bnl ntrl nonl) r pstrz ndpndn f d n
ntrl uropn, dr, r prn rtt, oblg s dopt t m urnd posbl
l dru opronl stndrdzt l polt montr mpus d n ntrl
uropn prtt n urozon drul opronl l polt montr un.
stfl Sstmul uropn l nlor ntrl r o polt montr orlt (un
su mortzt, dup z).
u prvr l ondur oprlor u vlut (lt mond dt uro) pstrr
dmnstrr rzrv vlutr ofl sttlor mmbr, or bn ntrl, n
ntrl uropn mt o mond propr uro -, r s fl n rport vlutr u l
tr mond nonl l rlor Unun uropn r nu u doptt uro u mondl
ms d bnl ntrl dn fr Unun uropn. n ntrl uropn s
omport n st z or bn ntrl nonl, u p fptulu ut dor
polt vlutr stblt d Unun uropn.
n prvt promovr funonr flunt sstmlor d pl s pot
pr funonr Sstmulu uropn l nlor ntrl fost posbl dtort
rlzr sstmulu ntgrt trnsuropn propru d dontr n tmp rl, unosut sub
numl d RG. st rprznt o mplr drt bnlor ntrl n srvl
d trnsfr dontr tvlor fnnr (fondur vlor moblr) st o
nfrstrutur ntrl r prmt dn punt d vdr tn ondur un polt
montr un.
n plus, n ntrl uropn ontrbu l bun dsfurr oprunlor
ondus d utortl omptnt n domnul suprvgr prudntl l stbltt

sstmulu fnnr. Suprvgr bnr nu d, domdt, sub ndn prnpulu

subsdrt, rmn n omptn nonl, dvnnd ns un obt d ooprr
oblgtor ntr bnl ntrl nonl n drul Sstmulu uropn l nlor
ntrl. st s dtorz mposblt d dlg omogn omptn tn d
suprvgr tr bnl ntrl nonl, dt fnd drul nsttuonl tul pntru
suprvgr r st dfrt d l o r l lt. P d lt prt trbu mnon t tt
prt p onurnl, t romndrl omttulu d l sl pntru
suprvgr bnr (r bordz problm ptlulu) u ndus un omportmnt
prudnl d nvst rltv omogn l tot bnl.
n ntrl uropn st sngur nttt bltt s mt bnnot
dnomnt n uro, n tmp bnl ntrl nonl sunt mputrnt s bt mond
mtl n uro, n lmtl probt d n ntrl uropn. D smn, n
ntrl uropn ndplnt fun onsulttv n prvn sptlor r ntr n
sfr s d omptn. u prortt, n ntrl uropn st onsultt n
prvt problml montr, mlol d plt, bnl ntrl nonl, orgnzr
sttst, sstml d pl d dontr d ntrs nonl, stbltt nsttulor d
rdt plor fnnr. n ntrl uropn st onsultt u prdl
supr lgsl omuntr prvtor l ontrolul bnr stbltt sstmulu
fnnr l rndul su pot solt vzul nsttulor omuntr utortrlor
nonl supr onsnlor msurlor p r l dspun n domnul su d omptn.
Prnpl gnrl l polt montr
Potrvt onptlor uprns n rttul d l strt polt montr un n
Unun ontr uropn v f o polt dobnz4 d flul lor plt stz n
nsmblul Unun uropn.
st polt s rtrzz prn rglr ldt bnr n urs prn
plotul rtlor p trmn fort surt p p mondl uro, npnd u rdtl d l
z l z, r vor onsttu prnplul obtv opronl l S.
Polt montr bzt p nrdr. nrdr nu s obn uor, trbu s
lurz pntru o tg. n ntrl dpun mr fortur n nrr d pl d

BASNO, Victor, DARDAC Integrarea monetar bancar european, Editura Didactic i Pedagogic ,
Bucureti, 2001, pagina 40

 f numt lurur. Sunt d prr suntm m ds m trnsprn dt or

lt bn ntrl n lum.5- Wm Dusnbrg6
Prn onpt, dzl polt montr un sunt d omptn n ntrl
uropn. stfl, un prm prnpu, s dg onptul d ondur un
oprunlor. st dz un s vor mpun n nsmblul zon URO, n snul r
rtl dobnzlor p trmn surt vor f dnt, pntru p montr uro v f totl
unft. Un lt prnpu r s mpun st ontnutt prgmtsmul, rsptv d
rn pl prodl l m folost r sunt onsdrt l m fnt n
rl mmbr, n sopul d dvn modl rmonzt grt d tr to grntt
pst tot.
n sprtul rttulu d l strt, s mpun gltt d s l mond bn
ntrl rsptul prnplor d p p. onnd u log p l lgr
prodlor, st v ornt tr prvlgr oprunlor d opn mrkt dss
unu r lrg d prtnr ndprtr tuturor prodlor d rfnnr bltrl
ontngnt u rt bonft. plr polt un nsmn dsntrlzr r
durg dn prnpul subsdrt nsrs n rttul d l strt. D st f s
ntrlzz dz, st u totul nf s ntrlzz punr n opr. stfl, s
onsdr nsr rsponsbltt plr polt montr s rvn nlor
ntrl onl r sunt bn nort n rltl prtl lol. stfl, fr
bn ntrl nonl v rmn prtnrul nonl l bnlor dn r s n u
polt montr un.
Strtg d polt montr
Strtg d polt montr onsttu o dsrr ornt struturt modulu
n r dzl d polt montr sunt doptt n vdr tngr obtvulu bn
ntrl.
Prn ntrmdul st strtg, s ndplns dou msun mportnt.7
n prmul rnd, prn mpunr un strutur prs l nvlul prosulu
dzonl, strtg sgur fptul nforml nlzl nsr n vdr doptr
unor stfl d dz (p pln ntrn) sunt l dspoz onslulu guvrntorlor .

HOWARTH David Howarth, LOEDEL Peter The European Central Bank, The New European Leviathian,
Editura Palgrave Macmillan, 2005 (Tradus din englez)
6
Willem Frederik "Wim" Duisenberg ( 9 Iulie1935 31 Iulie 2005) a fost primul preedinte al Bncii Centrale
Europene, n perioada 1iulie 1998- 30 octombrie 2003. Contribuia sa a fost instrumental n introducerea
monedei unice Euro n Uniunea Europeana in 2002.
7
http://www.ecb.int/ecb/educational/facts/monpol/html/mp_004.ro.html

n l dol rnd, strtg rprznt un nstrumnt prn r dzl d polt

montr sunt plt publulu (p pln trn). Prn sprnr fn polt
montr prn omunr ngmntulu bn ntrl prvnd stbltt prurlor,
strtg ontrbu l rdbltt p pl fnnr. Srn prnpl n
ltt d oordontor l urosstmulu st punr n plr polt montr n
zon uro, vnd sop mnnr stblt prurlor. Prn ntrmdul rtlor dobnz
p trmn surt, polt montr nflunz onom n ultm nstn, nvlul
prurlor.
Smbrl ondlor onurnl p p bnr t ftl supr soldt
fnnr storulu bnr u dvnt mportnt pntru mnsmul d trnsms
polt montr.
n prmul rnd vtz d trnsmtr polt montr rt p pl
ompttv.
n l dol rnd mportn rltv nlulu d trnsms polt montr
prn ntrmdul rdtulu s- rdus urmr trnsformrlor rl dntr ln
bnl lor r u un numt ntrs n domnul fnnr mlor ntrprndr mnlor.
D smn rtr onurn bnr n zon uro tnd s lrz mr tr
mrgn unu sstm bnr m ntgrt n rl prtpnt, pot rdu
smtrl r pot ft mnsmul d trnsmtr polt montr dntr-o r n lt
Urmr smbrlor struturl ntrvnt n drul zon uro p pl
bnr d ptl l Unun uropn st snl pntru rspund tt nvolor
urosstmulu t l poltlor nonl n mtr d suprvgr.
drul opronl l polt montr urosstmulu uprnd o lrg gm d
nstrumnt r orspund prnplor d orntr p p; d fn opronl;
d smpltt, trnsprn, d ftt n prvt osturl . Dzl
lut d orgnl drtor l n ntrl uropn sunt pus n plr ntr-un mod
dsntrlzt d tr bnl ntrl nonl l rlor f prt dn urosstm.
n ntrl uropn nu pot ontrol nvlul prurlor n mod drt prn
utlzr nstrumntlor d polt montr d r dspun, s fl n f unu
mnsm ompl, prn r proprl un d polt montr dtrmn smbr n
nvlul gnrl l prurlor.
Strtg n ntrl uropn n domnul polt montr st un flbl,
vnd n vdr tr plon d susnr:
ontrolul ofrt d mond uro;

 montorzr drt rtlor d nfl dn zon uro;

mnr ltor ndtor lg d prur;
Folosnd st tn, onslul drtor stblt rtl l nfl, r
ondonz rtmul rtr onom uropn. n mod orspunztor, rtl p trmn
surt l dobnzlor sunt dnt p ntrg trtorul zon uro.
nstrumntl polt montr l n ntrl uropn s mprt n tr mr
tgor:
oprun d p opn-mrkt (l ntv n ntrl uropn);
flt prmnnt (l ntv nsttulor d rdt-bn omrl);
rzrv mnm oblgtor;

1.2. nstrumntl d polt montr un

nstrumntl polt montr sunt mtod, prod, tn t., prn r
utortl onz supr mrm dnm vrbllor montr p r l vzz .
st dou tpur d nstrumnt: 1) gnrl ndrt; 2) spf drt.
1) nstrumntl gnrl ndrt sunt utlzt n mortt onomlor
ontmporn onz supr mnsmlor montr fr l blo funonr.
stfl, mnvrr t d rsont, oprunl opn mrkt rzrvl oblgtor sunt
nstrumnt gnrl d ntrvn; l s bzz fr p o numt log, nrnt unu
numt pros onomo-montr: rdtul form s stor, sontul - n zul t d
rsont; p fnnr - n zul oprunlor opn mrkt; formr ofrt d mond n zul rzrvlor oblgtor. n stu n r bn ntrl ntrvn u utorul stor
nstrumnt, dopt log proslor rsptv, ns modf numt lmnt l
stor. Sstmul onom n nsmblul su st lst totu s ronz l modfr
p r bn ntrl provot-o n mod ntnont.
nstrumntl ndrt sunt omptbl, d, u lgl p u ndpndn
urd bnlor omrl f d bn ntrl.
2) nstrumntl spf drt sunt utlzt dor n numt r prod
onz nmlot supr stu fnnr bnlor omrl, mpunndu-l o
numt ondut. stfl, drr lmtr rdtlor sunt prod ortv, r
trnsform bnl omrl n smpl dstrbutor d rdt tr storl rmurl
onom dsmnt d utort, ntr-un volum n ond stblt p l
dmnstrtv.

L or tul, volu gnrl polt montr s rtrzz prn

utlzr nstrumntlor ndrt, ndosb lor r s bzz p mnsml p
d ptlur , d, p un rt dobnz.
nstrumntl prdl plt mntr stbls plnul dru prnl l
plt prmvt d ..., flndu-s ntr- rl uzl u tr nstrumnt:
prl d P R n r sunt nlus:
- prunl d sun tmprr;
- prunl frm (d vnzr-umprr d tv d tr S....);
- msun d rtft d dtr d tr ...,
- prunl d smb d dvz S....-ulu;
- ldt n lb (dpunr l trmn rmunrt, ftut d bn l S....).
prunl d pn mrkt un rl strtg dr fr ptnltt
mnpulr rt dbnzlr, d gstnr stu ldtlr bnr dtrmnr
rntr plt mntr. n ntrrul str prun un l prmnnt l dn
prunl d rfnnr, dnumt rvrs trnstns, prn ntrmdul rr ...
ftuz prun d mprumut bnlr ntrl nnl u bn nsr str,
znnd n ntrprtd ttlur guvrnmntl, rvnnd blg bnlr ntrl
nnl s l rzn n trmn d 2 sptmn.
Fltl prmnnt fr psbltt furnzr su rtrgr d ldtt :
- fltt d mprumut mrgnl;
- fltt d dpzt.
Fltl prmnnt u rlul d fr su d bsrb ldtl zln, d
ndr rntr gnrl plt mntr d lmtr rtlr dbnzlr d p
p. Sunt nlus du flt prmnnt, ntrlt d bnl ntrl nnl
ntr-un md dsntrlzt: fltt mprumutulu mrgnl rz psbltt bnr
d ldt vrngt n smbul unr tv sdnt ls fltt dpztulu
r nfr drptul d ftu dpzt p trmn surt l bnlr ntrl nnl l
..., d st dspun d ldt n s. Rt dbnz prtt n zul
flt mprumutulu mrgnl slut drpt plfn suprr pntru rt dbnz
ntrbnr, r rt dbnz pntru fltl d dpzt prt rlul d plfn nfrr.
pl st un smpl nstnd n n bn nnl nu s v mprumut
l rt dbnz m rdt dt r put dbnd d l ... nu v rdt un

lt nsttu dt ... l rt m rdus, nnd nt d fptul fltt

dpztulu nu mpun lmt suprr sum.
Rzrvl mnm blgtr
l tr nstrumnt (prun) sunt n rd u:
ntrprtdl sdnt l p mntr r nsttu un ntntrt
,.`:

ntr- prun fnnr r trbu s rspund l numt rtr d

sdn;
tvl sdnt und tt prl d rdt S.... trbu s f
ftut supr un bz d sgurn (rtlul 18 prvtr l Prtlul
supr S.... ...);
Sstm d pl brdz tt prunl d pl t l d ttlur d
vlr. S.... stblt s pus n funun du tpur d mnsm d
pl:
a) Sstmul RG (rnmul lu rns-urpn utmtd Rl tm
Grss sttlmnt prss rnsfr) pntru pll ntrbnr.
b) Sstmul d pl ttlurlr d vlr
D n rprtm l sttl mmbr l U.. r nu f prt dn zn ur,
strtgl d plt mntr ntnu s s dfrnz nsdrbl d l r l lt.
Prnpl prvr u r stnnt plt mntr rprzntt- mrr
drst rtmulu nm nsmnt n urm ntnsfr rz fnnr
ntrnnl nput n nul 2008 ftl st supr prsptvlr d vtr l
drs nfl. tdt, mrtt rlr u vut d nfruntt lps ldt p pl
blgunlr d stt p l ntrbnr, rbrt u tnsun n pl vlutr.
Drpt nsn, mnsmul d trnsmtr plt mntr fst rdt n m
mult r. nl ntrl nl rsptv u rnt n md dvrs l prvr, n
rprt d ndl nm d drul lgsltv n vgr nsrt plt mntr.
u prvr l dzl d plt mntr lbrt n prd nur 2009 dmbr 2009, mrtt bnlr ntrl prtpnt l S u pus n prt
msur d plt mntr r u rfltt dsr unl .... n prml s lun
l nulu 2009, rdus smnftv rt f dbnz l prnpll prun d
rfnnr l ursstmulu, u un ttl d 150 punt d bz (n 4 trpt r u ns
lunlr nur, mrt, prl m) r ultrr fst stblzt l un nvl d 1%.
Dtrt nslulu mntr, p p (n nl ulgr), st

nk Ltuvs nks nu dspun d rt fl dbnz d rfrn, st bn

ntrl ustnd n md utmt rtl dbnz l l stblt d .... u tt st,
n vdr tmprr prsunlr prvnd ldtt p pl ntrbnr, p
p (n nl ulgr) prdt l rdur rtlr rzrvlr
mnml blgtr.
u rfrr l sttl prtpnt l S r nu drulz pr un p b z
nslulu mntr, Ltvs nk, r mnn bnd d flutu d 1% n urul
prt ntrl lts-ulu prntr-un ngmnt unltrl, prdt l rdur rt
dbnz d rfrn n du tp: pn l 4%, prm r n mrt 2009 du r n
m 2009, d fr dt u t 100 punt d bz. Dnmrks tnlbnk ntnu t
lul d tmprr nput n lun nmbr 2008, prn rdur rt dbnz d rfrn
d nu r n nul 2009, sdr ttl fnd d 255 punt d b z. Dup rdu r r t
dbnz rprznttv u un ttl d 175 punt d bz n lunl nmbr dmbr
l nulu 2008, Dnmrks tnlbnk plt n rdur l st u 75 punt d
bz n du tp: n lunl nur mrt 2009, plnd ultrr l sr d rdu r
m m n ntrvlul prl 2009 nur 2010, n bz rr rt dbnz d rfrn
tns nvlul d 1,05%. prt dn dz u fst dptt urmr unr un
smlr l ..., n tmp lt prt u fst lut n msur n r r tl dbnz l
u fst stblzt l un nvl nsmbt, fpt gnrt rdur sprd-ulu
ntr rtl dbnz d plt mntr l dn zn ur

1.3. onsdr prvnd fn polt montr un

Polt montr onz supr vrbllor onom - prur, tvtt
onom, oupr for d mun, lbrul trn - un r s rt prn
ntrmdul vrbllor montr, n prt mprft ontrolbl, dr p r propun,
totu s l stpns. st vrbl, dnumt obtv ntrmdr rprznt
sopul d sn l polt montr sunt urmtorl: rt dobnz, grgtl montr
d rdt, rt d smb.8
sun orr bn ntrl, utortt montr bsolut, r drpt sop:
onpr plr polt montr; lgr nstrumntlor d polt montr;
ntrvn p p montr, n sopul rglmntr ldt st; gstun zln
ursulu d smb; gstun rzrvlor nsr ntrvnlor p p d smb; urmrr
sttst grgtlor: montr, d rdt d onomsr.
8

Gaftoniuc, Simona, Finante internationale, Ed. Economica, Bucuresti, 2000, p. 470

fnt polt montr rlzt d tr utortl montr r drpt fnltt

obtvul prortr, lupt mpotrv nfl, st fnd lmtt d nsufnt flbltt
struturlor onom.
Pntru f fort fnt, polt montr trbu s f dus d o utortt
montr rdbl s f nsot d o polt ofrt r s ombt rgdtl, r
un bn ntrl trbu s f frm s ontrz ntprl gnlor onom. 9
O polt montr optm dus d tr bn ntrl r fnltt rlzr
obtvlor propus d tr st, n vrtut utonom d r dspun: rt nfl,
rt omulu, rtr onom. st st rlzt num d sunt ft
obtvl ntrmdr, pot ondu l tngr obtvlor fnl. stfl bn
ntrl v f m nformt prn folosr obtvlor ntrmdr ( ms montr, rt
dobnz, ursul d smb). st nform s obn zln, sptmnl, spr dosbr d
nforml rfrtor l rt nfl rt omulu r s obn lun r s u r m
rr.
n prvt polt montr, tmpul r o mr mportnt: d onom
ntr n rsun, durz pn bn ntrl rlzz st tndn, r d
nfl v np s rs, bn ntrl r nvo d o prod mr d tmp pntru
v st rttudn.
stfl bn ntrl v tg n rdbltt d obtvl rfrtor l polt
montr vor f l p o prod mr d tmp. st luru st posbl num n
ondl un onom stbl, r modfr frvn obtvlor urmrt d tr
bn ntrl nu nsmn polt montr nu st fnt, rzulttl sl dpnznd
d ondl onom l fr r. fnt polt montr dpnd n mr msur
d rdbltt bn ntrl, st fnd u tt m mr u t st m ndpndn
f d guvrn.
rgumntul onom n fvor ndpndn bnlor ntrl s sprn p
tor rdblt. Guvrnul r motv d tr pntru rdu dtor rl su
pntru stmul onom nnt lgrlor. D o bn ndpndn nu n ont
d st onsdr poltt nu st supus st tnt. D polt montr st
rdbl, gn onom pot rdu ntprl d nfl onom v dopt o rt
m szut nfl.10

Zapodeanu Daniela, Politici monetare, Ed. Dacia, Cluj-Napoca, 2002, p. 168.

Brociner Andrew, Europa Monetara. SME, UEM, moneda unica, Institutul European, 1999, p. 57

10

rdbltt rprznt prnpl ltt polt montr, m ls n zul n

r bn ntrl s ngz s rlzz o polt d dznfl, ndfrnt d s
onfrunt u stu un nfl modrt su u zul m grv l prnflt.11
rdbltt bn ntrl st un ftor mportnt n susul no strtg d
polt montr plt d st. nrdr st un tv r s dobndt fort
gru s pot prd n tv mnut12.
st rdbltt st un dzdrt gru d obnut, ntrut nu st rmd su
formul r s onvng pl mrl publ u prvr l rsptr obtvlor p
r nsttu l- sumt. n gnrl, s buur d o bun rput l bn ntrl
r u rut, n dursul tmpulu, s rdu substnl nfl po s o mnn sub
ontrol. n prmul rnd s urmrt rdur durt prosulu ntnflonst, rsptv
ur d dznfl, dmnundu-s, stfl, nvtbll prdr d produ lour d
mun. n ntrl trbu s stblzz prurl, fnd f sptssmulu plor
opn publ.
ndpndn bn ntrl ntrt rdbltt st. ntrut dstul d pun
bn sunt u dvrt ndpndnt f d putr polt, n st sns rdbltt
pot f susnut prntr-un fort d trnsprn, rsptv prn nformr publulu lrg
supr obtvlor d polt montr, u przntr unlor su ntrvnlor zln,
ntr-un dru prs.
n zul drglmntr tvt bnr, nrdr provn nu num dn
rsptr ngmntlor lut n trut d bn ntrl, dn grnl ofrt d
bnl omrl ( vlor nt tvulu, nforml pus l dspoz lnlor,
grnl fnnr prtt, ntur urd ontrtlor r przz oblgl
bn t.). Or t d mngmnt r dgrdz ltt produslor bnr ofrt
lntl st snont mdt d publ prn orntr stu spr bnl omrl.
l gltt frm ndpndn bn ntrl s bzz p mstrul
lgtmt nsttulor (). nrdr nu provn dntr-o nlgr ontrtul, dntr-un
rtul (). st st vlbl tt pntru mond, t pntru drpt, mbl sunt r
l putr nsttut.13
O ndpndn m mr bn ntrl dtrmn rtr grdulu su d
rdbltt, vnd ns m mr n ondur un polt montr optm.

11

Gaftoniuc Simona, Finante internationale, Ed. Economica, Bucuresti, 2000, p. 465

Isarescu Mugur, Spre o noua strategie de politica monetara: Tintirea directa a inflatiei, Craiova, 2003, p. 21.
13
Cerna Silviu, Independenta Bancii Centrale, Ed. Mirton, Timisoara, 1999, p.30.
12

Dup rtrl d msurr ndpndn s onsdr undsbnk st m

ndpndn bn nonl dn urop, r bn ntrl Portugl m
dpndn. Stur p loul nt Grmn r ustfr durt d 8 n
mndtulu guvrntorulu undsbnk, r sgurt ndpndn prn rport u
stbltt mr grmn. n SU durt mndtulu pntru mmbr onslulu
Guvrntorlor st d 14 n numr prdntlu stu orgnsm s f d nsu
prdntl r, fr posbltt d rvor, sgur o ndpndn rdt
bn nonl.
D onsdr ndpndn bn ntrl st u tt m mr u t s
ndprtz m mult d putr polt mndtul guvrntorulu bn st m
ndlungt dt l l guvrnulu, bn pot s urmrs stfl obtvl p trmn
lung.
ndrw ronr st d prr ndpndn bn ntrl nu st
ndspnsbl stblt prurlor. otu st o orlr mportnt ntr l dou.
rl n r bnl ntrl u un grd mr d ndpndn (Grmn, SU)
sunt l n r rt nfl st prntr l m szut. n smb, n n 1980, n rl
u bn ntrl dpndn (Portugl, Gr) rt nfl r rdt.
st totu zul pon, und rt nfl st dntr l m szut und
bn ntrl st rltv dpndn.
n smb rl ror bn ntrl sunt ndpndnt nu sunt nprt l r
u unosut m mr rtr onom, dor Portugl unosut n n 1980
rtr P Grmn su SU, r d grdul lor d ndpndn r
opus.