THE IMPORTANCE OF TRANSPARENCY IN CENTRAL BANKS LEGISLATION

Abstract

The subject matter of analysis in this paper is the importance of the transparency principle in the central bank's legislation, as a significant determinant of the effectiveness and efficiency of adopted solutions for achieving monetary stability as a public good. In this context, the first part of the paper examines the importance and functions of transparency of acts and actions of the central bank in contemporary monetary law. The second part discusses various theoretical assumptions in the regulation conception of the highest monetary authority in comparative legislation. The third part focuses on the contribution of the ombudsman in framing democratic monetary governance based on credibility in the visibility of the central bank actions, which has significant implications in the field of human rights protection. In this regard, the author refers to the Law of the European Central Bank, which has a great impact on the formation of monetary jurisdictions in the international context. By applying dogmatic, axiological, and comparative law methods, the author seeks to contribute to a functional and essential understanding of the importance and place of the transparency principle in positioning monetary legislation in the function of achieving personal and social well-being. The author also endeavours to identify the domains and limits of transparency in the work of the central bank in dynamic and complex social circumstances.