Reakcja Europejskiego Banku Centralnego i Narodowego Banku Polskiego na kryzys pandemiczny
The response of European Central Bank and National Bank of Poland to the pandemic crisis

Summary/Abstract: COVID-19 pandemic caused supply and demand shock, that has hit euro area and polish economies. In response to negative effects of the pandemic, European Central Bank and National Bank of Poland took decisions to increase the liquidity in the banking sectors. This article compared the monetary policies of ECB and NBP, taking into account different macroeconomic situation. The comparison was based on information, press releases and legal acts from 12th March to 23rd November 2020. The conclusions of this article are significant, especially nowadays, when zero interest rates are becoming the new normal and researchers are considering differences inefficiency of conventional and non-conventional monetary policies. The paper consists of an introduction, two parts and a summary. In the first part, the monetary policy instruments of ECB were presented. In the second part, the measures used by NBP were discussed. The third part is the summary, which consists comparison of both banks’ reactions to pandemic crisis.

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