EFFICIENCY OF CENTRAL BANKING: MEASUREMENT, CASES AND POLICY DEVELOPMENTS

Abstract

This paper discusses the efficiency of the central banks in the field of the integration process of the European System of Central Banks. The authors have based their research on a number of opinions regarding the effectiveness of expenses of central banks and the analysis of efficiency indicators of the EU central banks and the European Central Bank. The innovative aspect of this paper lies in finding trends for the efficiency indicators and policy developments of the central banks of the EU countries. Some differences have been detected for several indicators of the central banks of the EU15 countries and the central banks of the other EU countries, which prove that there is still room for improving the accountability and transparency of the European System of Central Banks.