MONETARY POLICY OF THE NATIONAL BANK OF ROMANIA AND ITS INSTRUMENTS IN THE CONTEXT OF THE EUROPEAN INTEGRATION

Romania's adhesion to the European Union naturally implies also significant mutations in the monetary policy of the central bank and in its instruments. The paper highlights the significant transformations registered by the monetary policy of BNR (National Bank of Romania), regarding the schedule of the monetary policy over the real economy and the instruments used by the central bank, centred on the accomplishment of the fundamental target. Through changes operated by BNR at the level of monetary policy and its instruments it was followed the alignment to the international standards and practices and to those of the European Union states. The Premises from which BNR started in the process of adoption of some essential changes in the monetary policy are connected not only to the requirements imposed but the European integration, but also to progresses registered by the banking system, as well as by the real economy. From January the P 2007, in the context of BNR integration in the European System of Central Banks, it will be taken into consideration the renunciation by central bank to the administrative measures and the use only of the instruments of monetary policy with market characteristic. The success of the monetary policy of BNR depends upon its capacity to accomplish the responsibilities regarding the insurance and maintenance of the price stability, in the offing of the years 2011-2013, following the integration 1 the Euro-system.