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Instrumenty polityki pieniężnej Europejskiego Systemu Banków Centralnych

Prudzicz E.

Zeszyty Naukowe AON

2005

nr 1(58)

146-152

Setting up the European Central Banks System (ECBS), including the European Central Bank (ECB) and national central banks, had a great significance for creating the European Currency and Trade Union (ECTU). The main priority of ECBS is to keep the stability of prices. Its task is also to support general economic policy of the Union. The ECBS tasks include defining and conducting the Union’s monetary policy, performing currency operations, keeping official foreign exchange reserves of the ECTU, managing them and supporting the payment systems. The task of the article is to present the instruments of monetary policy applied by the European Central Banks System. Their collection was defined in the ECBS and ECB Statutes. In accordance with art. 18 - 20 of this Statute, these are. "open market operations, obligatory reserves and 'other monetary control tools'”. ECBS has freedom to choose monetary policy tools. The only limitation is the necessity to ensure the agreement of the given instrument function with the requirement to support general economic policies of the Union. The choice of instruments used by ECBS allows flexible responding of monetary authorities to the situation of deficiency or growth of liquidity on the monetary market.

Euro jako waluta międzynarodowa

Prudzicz E.

Zeszyty Naukowe AON

2004

nr 1(54)

263-272

Euro, apart from American dollar, may become the main international currency, and European financial markets may appear attractive for investors and companies acquiring capital. However, the growing size of European financial markets and consequently euro’s attractiveness, requires their full integration. The article presents factors that determine the international role of euro, its characteristics and this new currency application.