The article provides an analysis of empirical literature and methodological approaches to financial crisis’ monitor-ing. The author analyses an extensive list of financial stability indicators, defines various thresholds values for them and creates a comprehensive index of financial instability.

Keywords:financial crisis, system of indicators, financial stability, monitoring, non-parametric estimates, index

The author reveals the need for the central banks (CB) to provide financial stability. The basic functions of an operationally independent central bank are studied as well as the concept of financial stability and the compatibility between such CB's targets as price stability and financial stability. The article considers the dilemma of "lean vs clean" related to the speculative growth of assets prices and systematizes the theoretical foundations and practical evidences of each approach. The author analyzes the existing CB’s instruments of ensuring financial stability as well as the existing shortcomings in the approaches to regulation and supervision in the banking sphere. The use of last resort lender instruments by the CB is examined, and the criteria and risks associated with their wide use are outlined. The world experience of the CB's responsibility for financial stability is systematized with an emphasis on the strong need to develop and implement macroprudential monitoring and regulation to ensure financial stability as one of the key targets of the Central Bank of Ukraine.

Keywords: financial stability, central bank, price stability, dilemma "lean vs clean", lender of last resort, macroprudential policy

The paper reveals the essence and importance of macro-prudential regulation in ensuring financial stability, which was defined by leading central banks as one of the key priorities. The result of the evolution of prudential approach became the move from micro-prudential supervision, based on the analysis of institutions' individual measures, to macro-prudential supervision, which is aimed at supporting financial stability of the system as a whole. The defined goals, objectives, dimensions and components of macro-prudential regulations are focused on systemic risk elimination, prediction and early reaction to the distortions arising in a financial system.
The outlined principles of macroprudential regulation show that it is not a certain type of institutions that should be regulated, but risky behavior of any market player, who can deteriorate the financial stability. The analyses of macroprudential instruments shows that, being aimed at guaranteeing financial stability, macroprudential policy should be synchronized with other policies, in particular the monetary and fiscal ones. The existing institutional models of macroprudential supervision show that it is provided either by central bank or by an independent body with a participation of central bank's officials. Considering the current challenges in Ukrainian financial system, the necessity of institutional reform of financial and macroprudential supervision is justified.

Keywords: financial stability, macroprudential regulation, macroprudential instruments, monetary policy

The National Bank of Ukraine possessed all necessary tools to prevent speculative operations on the interbank currency market and, accordingly, inadequate depreciation of the national currency due to this factor in 2014. But the NBU appeared to be unable to ensure effective and efficient control over foreign exchange transactions of commercial banks. We have to state the absence of a systematic, balanced and understandable policy of the reg-ulator during the period of destabilization which was further aggravated by the massive volumes of refinancing loans to commercial banks, non-transparent procedures for granting refinancing loans and almost absolute lack of control over their intended use.

Keywords:depreciation, refinancing, flexible exchange rate, FX intervention

The article conveys the current state and dynamics of Ukraine currency market. As banks are deemed key currency market players the authors have shown macro-trends in the banking system reflecting banks' currency market activity. The authors also outlined influential factors of the Ukrainian foreign currency market and applied to the "new normal" concept as the reference point after the fundamental change of market conditions for further monitoring of the market development.

Keywords: currency market, exchange rate, FX (international) reserves, currency interventions, regulatory measures, liberalization, administrative regulation, "new normal", de-risking, correspondent relations