This week marks two anniversaries: the 20th anniversary of the initiation of unconventional monetary policy by the Bank of Japan and the first anniversary of the launch of quantitative easing by NBP.
NBP’s response to the challenges posed by COVID was agile, forceful, and added innovative elements to existing policy frameworks. Poland is well positioned for a strong recovery. 2021 should be much better than 2020 – says...
The policy response of Narodowy Bank Polski has been swift and large and effective in limiting the economic scarring effects of the pandemic – adequate liquidity provision remains critical in the short-term. The anti-crisis...
For a sample of 33 countries with data stretching back to the 13th century, a pandemic killing 1% of the population raises GDP per capita by 0.3% after almost 20 years.
Since mid-December 2020, the NBP Management Board has been purchasing foreign currencies on the FX market in order to strengthen the impact of NBP’s monetary policy easing on the economy, said the President of NBP, Prof. Adam...
“NBP analyses show that despite the huge scale of the shock during the pandemic, the losses and the uncertainty, the banking system as a whole is functioning and will function in a stable manner,” assured the President of NBP...
Climate issues are becoming an important part of the considerations and activities of many central banks, and the European Central Bank (ECB) may soon become the first central bank to take environmental matters into account in...
One of the fundamental issues related to the activity of central banks is the wording and the meaning of their mandates. A thorough examination of these mandates is important and should enable us to assess the validity of the...
The outbreak of the pandemic has led to the introduction of unprecedented anti-crisis fiscal and monetary policy measures aimed at supporting economic activity and the stability of the world financial system. Their effectiveness...
A lot is being said and written about the central banks’ reactions to the crisis caused by the coronavirus pandemic. However, much less attention is paid to whether and how the crisis affected the central banks themselves.