The authors consider the causes of the global financial crisis and peculiarities of its manifestation in Ukraine. They justify the conclusion on the necessity to submit the current anti-crisis measures to the prospective goals of the creation of a well balanced system of financial institutions.

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Fundamental problems of international standards of banking regulation and supervision related to their cyclical nature and limitations of micro-structural approach are scrutinized. The authors argue that such an approach leaves out of the regulatory framework the threats to financial stability in global environment – the systemic risks. The need to alter the paradigm of the regulation is emphasized and methodological approaches to the assessment of systemic risks are developed.

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The author theoretically justifies the role of the introduction of innovations as the most efficient direction leading the economy out of the crisis condition. The article considers the ways to realize innovation policy within the system of measures of the state antirecessionary management. Proposals are designed to adjust the Program of the economic reforms in Ukraine for 2010–2014.

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Today, that the National Bank of Ukraine has made a transition to the regime of floating exchange rate, there appear a lot of questions and discussions on the advisability of that step. When market agents and society as a whole get used to unchanged exchange rate, which is supported by the central bank, then, in business, in the banking circles, and among general public, there appears a situation of the underestimation of exchange risks and shifting them on the state i.e. onto the shoulders of all tax payers. If the exchange rate is maintained at a level far from the equilibrium, then such a fixed rate suggests only illusory exchange stability leading to the accumulation of deep disproportions and crisis. The article considers the solution of that problem in a wider context of the optimization of the NBU’s monetary policy taking into account the present economic conditions and the international experience in the solution of similar tasks.

Keywords:monetary policy, exchange rate, stability, crisis processes