Determinanty normalizacji polityki monetarnej Europejskiego Banku Centralnego


Irena Pyka
Aleksandra Nocoń


Due to the implementation of non-standard monetary policy by the European Central Bank, concentrated in the first part of the financial crisis mainly on the unconventional open market operations, and in the second on the Quantitative Easing policy, the exit strategies and monetary policy normalization have become the subject of intensified discussion. The concept of a return to "normal" monetary policy of the ECB will require the implementation of two aspects: raising of interest rates and reduction of the size of central bank balance sheet. However, it is undisputed that the exit strategies of the ECB could be implemented only after completing of the asset purchase program and stabilization of euro area public finances. It seems that at this moment the monetary policy of Eurozone will have to wait. The main aim of the study is to identify the determinants of the monetary policy normalization of the European Central Bank. Particular attention will be paid to the conditions of normalization relating to the support for creation of economic recovery in the euro area, the increase of inflation towards the inflation target, stimulation of dynamics of lending activity and the situation on the financial market. The following research methods will be used: the literature studies, including domestic and foreign literature, case studies, cause and effect analysis, observation analysis as well as synthesis analysis. 


Dane pobrania nie są jeszcze dostepne


Jak cytować
Pyka, I., & Nocoń, A. (2017). Determinanty normalizacji polityki monetarnej Europejskiego Banku Centralnego. Kwartalnik Kolegium Ekonomiczno-Społecznego. Studia I Prace, (1), 175-188.
Dział główny


Claeys G., Leandro Á., Mandra A., European Central Bank Quantitative Easing: The detailed manual "Bruegel Policy Contribution" March 2015, No. 02.
EBC, Raport roczny EBC 2015 r., Frankfurt nad Menem, kwiecień 2016.
European Commission, The 2012 Annual Growth Survey: Frequently Asked Questions, Brussels, 23.11.2012, MEMO/11/821,
European Parliament, Exit Strategies. Policy Department A: Economic and Scientific Policy, IP/A/ECON/NT/2013-04, December 2013, sites/iheid/files/site /international_economics/shared/international_economics/ prof_websites/wyplosz/Reports/ECON%2013.4.pdf
Federal Reserve, 20110622.pdf
Financial Stability Board, Exit from extraordinary financial sector support measures, Note for G20 Ministers and Governors meeting, 6-7 November 2009.
Komisja Europejska, Strategia na rzecz inteligentnego i zrównoważonego rozwoju sprzyjającego włączeniu społecznemu "Europa 2020", Bruksela, 3.03.2010.
Nocoń A., System reagowania współczesnych banków centralnych na niestabilność sektora bankowego, Difin, Warszawa 2016.
Pyka I., Nocoń A., Cichorska J., Nadzwyczajna polityka monetarna banków centralnych a stabilność sektora bankowego, Wydawnictwo UE w Katowicach, Katowice 2016.
Yamaoka H., Syed M., Managing the Exit: Lessons from Japan's Reversal of Unconventional Monetary Policy, "IMF Working Paper" May 2010, WP/10/114.