FINANCIAL CRISIS AND CHANGES IN THE MONETARY BASE

Amid the global economic and financial crisis it is important to put into the question the role played by the monetary base in making monetary policy decisions. Even if the NBR's main monetary policy tools was the changes in interest rate level, the other monetary policy tools used were as purposeful to influence liquidity in the economy and, finally, to changing the structure of monetary base. If it pursued the evolution of the money supply counterparts structure in correlation with the main macroeconomic variables (like non-government credit expansion, increasing of current account deficit) could see the imminent economic and financial decline.