Central Banks—as the Key Public Institutions Aiming at the Improvement of Effectiveness and Efficiency of their Performance

This article consists of 2 parts and describes the importance of improving the effectiveness and efficiency of central banks’ performance. Firstly, central banks are seen as important representatives of public institutions, and their effectiveness and efficiency are shown on the grounds of microeconomics. Secondly, the kinds of organizational structures, which are typical for central banks or which are possible to be used, are analyzed due to the effectiveness and efficiency. In the second part of the article the author, drawing on the experience of central banks, provides an overview of the following types of organizational structures: hierarchic, indirect, organic and the structure based on process maps (the hierarchic structure is the most popular for central banks at present). These structures have been shortly described and assessed. It seems that the structure based on the process approach may be the most effective and efficient. Therefore, the author also presents a strategy and methods of transformation from the hierarchic structure (or similar) to the structure based on the process approach.