ACTIONS OF THE CENTRAL BANKS IN THE CONTEXT OF THE CRISIS AND POST CRISIS

Since the international financial crisis, the external environment was an important source of risks and uncertainties, the banking and financial markets of most of the states were marked by successive waves of turbulence, central banks reverted the task of ensuring financial stability to the states and not only achieving the objective of price stability, a primary objective considered fundamental in the operating statutes of central banks. In this context, most of the monetary authorities responded to the challenges of the crisis by implementing restrictive monetary policies during the process of worsening of the financial crisis, and later to resort to relax monetary policy measures, but nevertheless adopting a cautious conduct of monetary policy. This study particularly examines the actions and measures implemented by the National Bank of Romania during the manifestation of the crisis and post crisis regarding the application of the monetary policy in order to ensure the financial stability.