ULOGA MONETARNE I MAKROPRUDENCIJALNE POLITIKE U OČUVANJU FINANSIJSKE STABILNOSTI

During the recent financial crisis, there have been significant real and fiscal implications that have renewed concerns of the regulatory agencies for financial stability. The stability of the financial system implies its resistance, which must be set up in advance and installed along the entire lifetime of financial institutions. The authors of this study have firstly presented the concept and conceptual questions of financial stability, and secondly, they have perceived the role of relevant policies in preserving financial stability. Special emphasis is given to the role of monetary and macroprudential policies and their conditionality in the realization of the same objective. Since the policy of preserving financial stability is a particularly sensitive area within the European Union (EU), this paper has summed up the current framework for financial stability, as well as the efforts towards the creation of the banking union.Značajne realne i fiskalne implikacije nedavne finansijske krize obnovile su zabrinutost regulatornih organa za finansijsku stabilnost. Stabilnost finansijskog sistema podrazumeva njegovu otpornost koja mora biti unapred osmišljena i postavljena duž celog životnog veka finansijskih institucija. Autori su u radu najpre izložili pojam i konceptualna pitanja finansijske stabilnosti, a potom sagledali ulogu relevantnih politika za očuvanje finansijske stabilnosti. Poseban akcenat dat je ulozi monetarne i makroprudencijalne politike i njihovoj uslovljenosti u realizaciji istog cilja. S obzirom da je politika očuvanja finansijske stabilnosti posebno osetljivo područje unutar Evropske unije (EU), u radu je ukratko izložen trenutni okvir za očuvanje finansijske stabilnosti, kao i napori ka stvaranju bankarske unije.