Full text of the paper:
Proceedings of the Faculty of Law, Novi Sad
2025, vol. LIX no. 1, p. 187-204
working language: Serbian
Review paper
338.23:336.7
doi:10.5937/zrpfns59-57646
Author:
Marko Dimitrijević
University of Niš
Faculty of Law in Nis
markod1985@prafak.ni.ac.rs
ORCID ID: 0000-0003-4406-9467
Summary:
The subject of analysis in the paper is the determination of the features and methods of implementation of the immunity of central banks in the international monetary order, which in the circumstances of complex geopolitical relations in the world no longer represents an untouchable concept of modern monetary legislation. In this sense, the paper starts with the hypothesis that the limitations in defining the immunity of central banks must be legally based and applied in an extremely restrictive approach by the monetary legislator, because otherwise they can have far-reaching repercussions on the postulates of institutional, financial and functional independence in the work of central banks as guardians of monetary sovereignty. In the first part of the paper, the research refers to the issue of normative regulation of legal protection in the work of central banks in a comparative discourse, while in the rest of the text, the concept of recognition of the so-called fundamental rights of central banks. The subject of the author’s special attention is the identification of the legal basis and consideration of the scope of the application of economic sanctions in the operations of central banks, where, by applying the dogmatic, axiological and comparative method, the author tries to point out the biggest dilemmas of the monetary legal aspects of narrowing the immunity of central banks and its implications for the preservation of monetary stability as a global public good.
Keywords:
monetary law, monetary sovereignty, central bank immunity, economic sanctions.