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Period that has led to the latest crisis has unequivocally shown that global financial market has managed risks in an inadequate way and that capital was allocated wrongly which has led to big disturbances in all markets. Extremely high financial leverage in case of financial intermediaries was a result of their significant dealing with the activity of investment banking, business that was prohibited for banks during the big global crisis. Starting from that fact, in this paper it is pointed to the role of Central Bank in the preservation of financial stability, protection against the existing, as well as the future, potential, global economicfinancial crisis. In recent years, in leading economic policies the attitude that low and stable inflation is necessary and almost sufficient condition for financial stability and economic growth is prevailing. This attitude has essentially influenced the role of Central Bank in leading monetary policy. In the creation of the new financial and monetary system, Central Bank has a key role in preservation of financial stability, particularly from the aspect of applying prudential control, regulation and supervision of banks. Efficient struggle against global financial crises requires harmonization of goals and control over various instruments and close cooperation between Central Banks within prudential control and supervision of banks, not only in national, but also in global plan. The role of NBS in the period of crisis and post-crisis period is analyzed. Keywords—Central Bank, financial crisis, prudential control, monetary policy, banking sector, illiquidity.

POSITION AND ROLE OF CENTRAL BANKS, WITH REFERENCE TO NBS IN CONDITIONS OF GLOBAL FINANCIAL CRISIS