MONETARY POLICY IN THE CONDITIONS OF GLOBAL FINANCIAL CRISISES

Abstract

Monetary policy is considered one of the key instruments of state macroeconomic regulation, which significantly affects the dynamics of inflationary processes, the level of employment, the size of interest rates, the state of the balance of payments and other determining parameters of macroeconomic stability in conditions of financial crises. The relevance of the study lies in the process of deepening modern manifestations of globalization, the growth of financial risks and increased turbulence in world financial markets, the role of monetary policy is significantly strengthened, in particular in the context of ensuring the economic security of the state. The purpose of the article within the framework of the study is to systematize modern approaches to the implementation of monetary policy and outline promising directions for its transformation, taking into account the challenges of the global economic environment and crises. Monetary policy, as an integral component of the state's economic strategy, encompasses the regulatory impact on money circulation and the functioning of the financial system in all areas of the national economy, where monetary and credit instruments are used. The results of the study are presented by the formation of the main goals of monetary policy in periods of crisis, which are ensuring price and currency stability, maintaining a high level of employment, stimulating economic growth and achieving balance of foreign economic settlements. Its functional purpose is to preserve the purchasing power of the national currency, curb inflationary pressure and stabilize the exchange rate. The conclusions of the study, taking into account the complexity of modern economic processes, consider it appropriate to apply a comprehensive approach to the implementation of monetary policy, which involves the integrated use of monetary and credit regulation tools to achieve a macroeconomic balance between financial stability and economic dynamics. The strategic goal of the central bank's monetary policy is to ensure the implementation of the state's long-term economic priorities, among which sustainable economic development, full employment, price stability and maintaining external balance occupy a leading place. The central bank, as an institutional entity of monetary regulation, must carry out its activities in close connection with the general economic policy of the state, contributing to the formation of a stable macroeconomic environment.