Wpływ transferów unijnych na kurs walutowy i politykę pieniężną w Polsce po 2004 roku
EU transfers and their impact on monetary policy and exchange rate in Poland after 2004

Summary/Abstract: In the recent years, owing to the European Union transfers, Poland has gained an additional financial source for modernization and economic growth. At the same time, the financial aid inflows have influenced Polish money and currency market. The aim of the article is to research 1) whether the EU transfers should be taken into account by the National Bank of Poland while policy making and 2) whether they can serve as a tool of exchange rate managing. Together with the EU funds inflows, new challenge has appeared that is how to facilitate and absorb them within domestic money market. EU transfers have played an important role in the increase of the banking sector liquidity stance in Poland. Moreover, the process of conversion itself has been treated by the Polish monetary and fiscal authorities as an instrument of controlling the exchange rate fluctuations.

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