The role of the Central Bank in normative risk regulation in the contemporary monetary law

The paper analyzes the reasons for normative risk regulation in monetary legislation and Central Bank legislation to understand the axiological matrix of the concept, principles, and purpose of risk regulation. In the circumstances of dynamic and complex monetary flows, the monetary legislator (central bank) must pay special attention to this matrix in order to protect monetary stability as a global public good. In this context, the paper starts from the basic hypothesis that the mechanisms of optimal legal regulation of risks in monetary law are in the function of protecting the interests of bank clients (and users of financial services in general). To this effect, it is necessary to identify, determine and logical interprete relevant provisions of both primary monetary legislation (in the current circumstances of various crisis scenarios) and secondary monetary legislation (which is especially noticeable in EU monetary law where secondary legislation, due to its flexibility and effectiveness, is a significant instrument for filling legal gaps in primary monetary legal acts). In particular, the paper focuses on the functional analysis of relevant provisions of Serbian monetary legislation and practice. In the author's opinion, given the fact that the law of the European Central Bank (ECB) is not only the actor primus of European Monetary Law but also of international monetary order, the solutions from the domain of ECB law must be adopted and applied (with adequate adjustments) in Serbian monetary law and practice to form optimal normative models for regulating financial risk for the purpose of sustainable public monetary management and providing economic stability of the banking sector.