The CNB's constitutional responsibility for price stability

The thesis focuses on the constitutional responsibility of the Czech National Bank for price stability, specifically in relation to the inflation target of 2%. The objective of this study is to ascertain the alignment of the specified target with Article 98 of the Constitution of the Czech Republic. Additionally, it seeks to explore the legal ramifications that might be incurred by the central bank in the event of non-compliance. The present thesis employs a qualitative methodology, namely semi-structured interviews, with four experts from the fields of law and economics. The views expressed were then subjected to analysis in the context of the prevailing legal framework, encompassing both domestic and international approaches. The results indicate that the concept of 'price stability' remains uncodified, and the CNB's legal responsibility for inflation is largely hypothetical. The paper concludes with a proposal to establish an expert evaluation body for ex post analysis of CNB policies.