THE ANALYSIS OF THE OPERATIONAL FRAMEWORK OF THE ROMANIAN NATIONAL BANK'S MONETARY POLICY, IN THE CONTEXT OF THE EUROPEAN MONETARY INTEGRATION.

The monetary policy has an impact on the real economy through the financial markets and the anticipations on the ones participating on them. Therefore, the reactions triggered by the monetary policy decisions are felt, first of all, on the financial markets and, further on, having repercussions on the expenditure, the production, the labor force occupation and, finally, on the prices. In order to fulfill its fundamental objective of assuring and maintaining price stability, the RNB must dispose of a coherent and functional transmission mechanism and a set of monetary policy instruments, by which to influence the real macro-economical variables. The National Bank has the possibility, by the operational framework of the monetary policy and, especially by the monetary market operation, to influence the inter-banking interest rates which, at their turn, influence the interest rates practiced by the banks in the relations with the non-banking clients. The conclusions of the made research show out that the modifications made by the RNB at the level of its instruments aimed, on one side, to increase the role of the interest rates within the framework of the monetary policy transmission mechanism and, on the other hand, to harmonize them with the set of instruments and procedures of the European Central Bank, so to bring them close to equality. But, the functions, the characteristics and the efficacy of the monetary policy instruments used by the RNB are partially different compared to the ones specific to the ECB. In the following period, the RNB's monetary policy mainly aims to gradually assure the nominal and real convergence with the EU countries, the main target being to include the national currency in the Exchange Rate Mechanism II and the adoption of the euro currency in 2015(..?). [ABSTRACT FROM AUTHOR]