კონფერენცია

∘ Nino Zhorzhikashvili ∘
SUPERVISORY POLICY PECULIARITIES OF THE NATIONAL BANK OF GEORGIA

Summary

The 2007-2008 global financial crisis revealed defective supervisory policy activities. In the academic circles before the global financial crisis there was a widespread perspective that there was a conflict between the monetary policy and the prudential policy (inflation / financial stability), which justifies the division of monetary and prudential functions. Depending on this approach, in some countries there was a significant tendency for separation of certain functions. After the crisis, the weakness of this approach was clearly demonstrated by the fact that the result was the negation of macroprudence themes.

Nowadays, consensus has been suggested that development of banking regulatory norms and their implementation in practice is a necessary condition for achieving the financial and economic stability of each country.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ Nino Zhorzhikashvili ∘ SUPERVISORY POLICY PECULIARITIES OF THE NATIONAL BANK OF GEORGIA Summary The 2007-2008 global financial crisis revealed defective supervisory policy activities. In the academic circles before the global financial crisis there was a widespread perspective that there was a conflict between the monetary policy and the prudential policy (inflation / financial stability), which justifies the division of monetary and prudential functions. Depending on this approach, in some countries there was a significant tendency for separation of certain functions. After the crisis, the weakness of this approach was clearly demonstrated by the fact that the result was the negation of macroprudence themes. Nowadays, consensus has been suggested that development of banking regulatory norms and their implementation in practice is a necessary condition for achieving the financial and economic stability of each country.