ANALYSIS TO INSTRUMENTS OF MONETARY POLICY USED BY NATIONAL BANK OF ROMANIA STARTING WITH 1990 IN THE CONTEXT OF EUROPEAN UNION INTEGRATION

The monetary policy play an important part to promotion and maintenance ofeconomical growth, especially in countries of transition; this has become essential to adjusting theeconomic equilibriums, presented within these economies, particularly to controlling the inflationistslide-slip and current accounts deficits, related to balance of payments. The monetary policy of theNational Bank of Romania, whose implementation will be forwards accomplished within context ofstrategy to direct inflation aiming point, will be also consequently directed to consolidation ofdisinflation process and of assuring the decreasing of inflation rate on middle term to levelscompatible with definition of prices steadiness adopted by ECB (European Central Bank. Analyzingthe operational frame of monetary policy in Romania after 1990, one might reach the conclusionthat the main used instruments of monetary policy were the following: the re-financing policy, theminimal compulsory reserve and the open – market policy.