Monetary credibility as a social value in the contemporary monetary law and central banking law

Abstract

The subject matter of analysis in this paper is the concept of monetary credibility and its important place in the normative framework of contemporary monetary law. The emphasis on the importance of credibility in public monetary management has been present as a basic axiological subordinate to the norms of monetary law since it was established as an independent and independent branch of the legal order. The content and direction of the monetary activities of the central bank, as the basic subject of monetary law, were mixed over time and adapted to new circumstances, which resulted in the expansion of the regulatory competences of the central bank, the emergence of new theories about the legal custody of money and establishing limits of legal responsibility in the work of monetary agents. Notably, the meaning of credibility has remained the same, being the final monetary legal thought of each epoch, the ideal and the ultimate purpose of this branch of law with all its institutes, principles and categories. Contemporary monetary law, which has sui generis legal sources, proves to be extremely flexible even in today's unstable social conditions and suitable for transformation into the law of necessity. In extraordinary circumstances, when it is required in a value context, it does not make credibility the primordial value of public management of every institution. Thus, the central bank remains in the central position.