INTERVENTION PROGRAMS IN THE MONETARY POLICY OF THE EUROSYSTEM

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Published:
Dec 16, 2019
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No. 22(71) (2019)
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Narodowy Bank Polski, Rada Polityki Pieniężnej Górnośląska Wyższa Szkoła Handlowa im. Wojciecha Korfantego w Katowicach
https://orcid.org/0000-0003-0196-7873

DOI: https://doi.org/10.22630/PEFIM.2019.22.71.21
Keywords : central bank, bank centralny, quantitative easing, luzowanie ilościowe, large scale asset purchase programs., duży program skupu aktywów.
Abstract
This article presents the underlying legal and economic bases of so-called quantitative easing (QE) in the monetary policy of the Eurosystem. Large asset purchase programs and other intervention purchases of securities are discussed, and the risks of such policies for the long-term stability of the financial system are also addressed. It is noted that the non-standard financial instruments which are used in the Eurozone require close monitoring by Polish government financial institutions. This would help Poland access the full range of financial instruments that could be used to neutralize any unfavorable developments in the national financial sector and in the Polish economy which might occur in a global economic crisis. The research is based on analysis of European Central Bank documents and analytical studies of the Polish National Bank concerning non-standard instruments of financial policy.

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How to Cite
Grażyna. (2019). INTERVENTION PROGRAMS IN THE MONETARY POLICY OF THE EUROSYSTEM. The Scientific Journal European Policies, Finance and Marketing, (22(71), 7–17. https://doi.org/10.22630/PEFIM.2019.22.71.21
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