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The interest rate and bank lending channels are one of the main channels of monetary transmission mechanism. Hence, their effectiveness is seen as one of the main preconditions for adoption of inflation targeting regime. Consequently, this research investigates whether the interest rate and bank lending channels are operational from the monetary policy point of view and whether these two channels can be used efficiently by the monetary policy makers in achieving their price stability aim in an open Euroised transition economy with fixed exchange rate regime like Macedonia. In that respect, this book should provide some useful information to the monetary policy makers in an open transition economies with fixed exchange rate whether the interest rate and bank lending channels are operational and whether the current monetary policy regime is efficient in fulfilling the price stability aim or maybe the inflation targeting regime may be more effective.