Konsekwencje implementacji programów luzowania ilościowego w strefie euro

Abstract

The study focuses on the analysis of the character, used by the ECB, Quantitative Easing policy. However, its direct aim is the assessment of effects of this policy. The consequences of the ECB’s Quantitative Easing policy are analyzed pointing to the changes in the liquidity of the euro area banking sector, levels of interest rates, level and structure of the M3 monetary aggregate, as well as assets and liabilities of the balance sheet of the ECB.

Keywords

• quantitative easing policy
• securities program
• m3 aggregate
• structure of banking money supply
• banks’ liquidity
• central bank balance sheet
• ecb