Kryzys gospodarczy a polityka monetarna i fiskalna w strefie euro w latach 2008-2012
Economic crisis and monetary and fiscal policies in the euro zone in the years 2008-2012

Summary/Abstract: The purpose of the paper is to assess the influence of economic crisis in the euro zone on the economy and monetary and fiscal policy. It is achieved through the analysis of macroeconomic, monetary and fiscal indexes. The effects of the crisis were very different within the euro zone but the crisis changed objectives and tools of monetary and fiscal policy everywhere. ECB’s main interest rates were lowered to the lowest level since 1999. Expansionary monetary policy was assisted by more diverse fiscal policy. In the beginning it was also expansionary but to a different extent. Later it was diminishing when public debt was rising. It resulted in a change from expansionary fiscal policy to more restrictive one as a result of increasing instability of public finances threatening the existence of economic and monetary union.

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