Polityka pieniężna Europejskiego Banku Centralnego w reakcji na kryzys finansowy
The European Central Bank’s Monetary Policy in Response to the Financial Crisis

Summary/Abstract: The article presents the activities of the European Central Bank in response to the financial crisis and was also an attempt at assessing the effectiveness of the conventional and unconventional instruments which were used. Monetary policy implemented by the European Central Bank was relatively effective in regard to reducing turbulence in the financial markets and also in restoring financial stability. However shortness of the achieved results does not allow to recognition of long term consequences of unconventional monetary policy instruments in use by central bank of the euro area.

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