operational capacity at central banks

[Анна Ф]

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[Анна Ф]

Here is the context:

The country experiences show that eliance on money market interventions for the conduct of monetary policy is most effective when the following initial conditions are met:
•stable macroeconomic environment and sound fiscal policies;
• sound and competitive financial system and adequate supervisory framework; and

• a sufficient degree of institutional autonomy and operational capacity at the central bank.