摘要:The Central Bank often intervenes on money market, both to take over the netsurplus of liquidities, and to inject liquidities in order to cover the net deficit as a result of theinterbank operations of commercial banks. The refinancing mechanism represents a monetarypolicy instrument through which the central bank exercises the function of .lender of the lastresort", in the last few years the operational framework of the monetary policy beingrepresented by the open-market operations, the mechanism of minimum reserve requirementsand lending and deposit facilities to commercial banks. The open-market operations can beused in all the phases of the process of ensuring financial stability (prevention, remediationand elimination of the consequences). The efficiency of monetary policy is limited atmacroeconomic level by the necessity to fulfill other objectives of the economic policy, such aseconomic growth or ensuring external balance