On 23 November this year, the Scientific-Analytical Center of Constitutional Economics jointly with the CBA "Economic Education and Research Support Center" has organized a meeting within the framework of the topic entitled "Independence of the Central Bank as an Important Norm of the RA Constitution", during which the research works carried out on the independence of the Central Banks were discussed.

At the beginning of the meeting Professor Hayk Sargsyan, Director of the Center, presented the evolution of price stability, the theoretical content at the global and the RA level.

The professor stressed that the formation of financial markets, the principles of their regulation and the frequency of change of these principles depend on the role of the Central Bank enshrined by the Constitution in this or that country.

It was also added that if a norm-principle is fixed in the constitution, its amendment will require a complicated procedure, so it can be expected that financial markets in such a country can be more stable as the rules of the game are much more complicated.

Program participants, Ruben Gevorgyan, Professor of the Chair of Mathematical Modeling in Economics and Hasmik Ghahramanyan, Chief advisor to CBA chairman touched upon the evaluation of the independence of the Central Banks and the principles of cooperation effectiveness of financial systems.

"As a criterion for the financial markets effectiveness is observed one of the Central Bank target rates: in particular the inflation rate. This approach is logical and justified, "marked the speakers in their speech.

Researchers Zhirayr Mkhitaryan and Varsenik Sargsyan presented the preparatory works on organizing a survey on price stability and understanding of the independence of the Central Bank.

Let's also note that Armenak Darbinyan and Ashot Mkrtchyan, members of the Board of the Central Bank of Armenia as well as Karlen Khachatryan, Head of Management and Business Chair of the Faculty of Economics and Management of the YSU were present at the meeting.