The Impact of Monetary Policy of Systemically Important Centers on Financial Stability in Peripheral Economies in an Era of High Volatility

In an era of high global volatility, the monetary policies of systemically important centers (such as the US Federal Reserve and the European Central Bank) have a decisive impact on the financial stability of peripheral economies. This article examines the key transmission channels of this influence, primarily through international capital flows, asset price dynamics, and borrowing conditions in external markets. It is shown that monetary policy tightening in the centers leads to capital outflows from the periphery, depreciation of national currencies, and increased financial risks. The paper highlights the growing asymmetries in the global financial system, making peripheral countries more vulnerable to external shocks. It concludes by proposing possible macroprudential and monetary policy options to mitigate these negative consequences and strengthen financial resilience.