As a result of transformations in the international financial markets, financial stability, as broadly understood, is gaining more and more importance. Those transformations also influence the role of central banks and necessitate changes in their working methods. Since the low inflation rate has a very positive effect on the economy, the main objective of most central banks is to encourage the stability of prices.

In the light of the abovementioned phenomena, it seems reasonable to analyse the relations between financial stability and the stability of prices, and to address the question concerning the role that the central bank can play in ensuring financial stability. To achieve this, the major fields of activity of central banks in the context of financial stability have been defined and analysed. These major fields include: monetary policy which was given a special emphasis, guidelines concerning the credibility and transparency, the position of the central bank as "the bank of banks" and its relationships with fiscal authorities. The authors of the paper aim at presenting ways in which, in the fields analysed, the central bank can promote the country's financial stability.

The key conclusions indicate the complementary nature of the main objectives - stability of prices and financial stability (taking into consideration the time horizon) - and the credibility of the statement that stability of prices is a prerequisite (a primary requirement which is essential, but not sufficient in itself) for financial stability. It is worth emphasising that the central bank plays an important and complex, though indirect role in ensuring financial stability. This stems from the fulfilment of its main responsibilities, hence all the attempts to burden the central bank with additional tasks in the field of supervising financial stability seem to be unreasonable. Much more importance should be attached to the basic role which the central bank plays in any financial system.