THE ROLE OF CONTROLLING IN CENTRAL BANKING AND THE CRITERIA OF CONTROLLING EFFICIENCY

The aim of the paper is to analyze the function of controlling in central banking that has not been the subject to any scientifi c research so far. In this way, the main goal of the paper is the theoretical and empirical analysis of the role and importance of the controlling in the business decision-making process in central banks and defi ning the criteria of effi ciency evaluation of the controlling function. As fundamental role and tasks of central banks do not signifi cantly relate to other businesses, the proposed criteria will be able to apply in other businesses successfully. According to the theoretical analysis, controlling is the function which participates in the formation of goals, coordinates and participates in planning, controls and reports, advises, organizes and integrates business’ functions towards the goals and participates in all the phases of business decision-making. Providing advices, controlling is a support and it helps in decision-making, implementation of this decision and controls its implementation. “The role of controlling is critical to the decision-making process in central banks” as the main hypothesis is accepted on the basis of the correlation test which has shown high correlation between the efficiency of the controlling and the successfulnessof the operation. As successfulness of the operation can be identified with the successfulness of the decision-making process, it can be concluded that controlling is an utterly important role in the business decision-making process of central banks.