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ABOUT THE LEGAL RESPONSIBILITY OF THE CENTRAL BANK IN MONETARY LAW

The subject of the analysis in this paper is to identify and evaluate the concept of central bank legal responsibility in the contemporary monetary law. In this regard, the research focuses on issues related to the need of clarifying and defining the nature, type and extent of central bank liability and compensation mechanisms for damage that may be caused to third parties in the implementation of the transferred lex monetae in practice. The first part of the paper focuses on the axiological and dogmatic analyses of the legal framework of the central bank, which is governed by the national monetary legislation sui generis, and the interpretation of different legislative solutions in the practice of comparative monetary law in the area of responsibility and legal protection of the central bank. The subject of special interest of the authors is the monetary-legal analysis of the relevant provisions of the Law on the National Bank of Serbia, since in their opinion, a clear determination of the responsibility of the supreme monetary institution is a precondition for its credibility, not only in national but also in the international monetary order, and a conditio sine qua non of creating a reputable and consistent national monetary jurisdiction.