New challenges of monetary regulation

The article substantiates the thesis that in a period of high inflation and growing risks in thefinancial sector, new challenges and contradictions of monetary regulation are formed, requiring central banksto transform approaches to the choice of its goals and tools. An assessment of regulatory approaches to achieving price stability is given. The difficulties of optimization of goals and tools in the conditions offiscal andfinancial dominance are substantiated. Recommendations are formulated to optimize the process of "separation" of goals and the use of regulatory tools, both for the Bank of Russia and for global regulators.