During the global financial crisis, major central banks of the world undertook a number of actions, including non-standard ones, aimed at the stability of the financial system. In this context, the discussion on the hierarchy of objectives of central banks, in particular on where the responsibility for the stability and safety of the financial system lies, was resumed. This issue has also become of interest to Polish economists. According to the pre-crisis theoretical consensus, the best way in which the central bank could contribute to ensuring financial stability was to maintain price stability. This belief found practical expression in the direct inflation targeting strategy, which since 1990s has been gradually accepted by successive developed countries and then emerging economies. The basic premise of this strategy is the recognition of price stability as the main objective of monetary policy. The central bank applying this strategy may seek to achieve other goals, such as supporting general economic policies of the government, provided that it does not restrict the implementation of the main objective. It should be noted, however, that price stability is not always at the top of the hierarchy of the objectives of central banks. Even in the case of the first central banks, the reason for the founding |