Tajemnica polityki pieniężnej
The Secret of Monetary Policy

Summary/Abstract: Nowadays, monetary policy is established and implemented by the National Bank of Poland in a manner independent of other state authorities and institutions. The objective of the monetary policy pursued by the Polish central bank is to ensure price stability in the long term by means of monetary policy instruments in line with the adopted procedure, which is in line with the constitutionally defined (Article 227 (1) of the Polish Constitution in fine) and statutorily defined (Article 3 (1) of the Act on the National Bank of Poland) purpose of the central bank’s operation. Prima facie monetary policy is wrapped in an “aura of secrecy”, which is associated with a significant degree of complexity of the issues that make up it. The aim of the article is to show that the monetary policy of the National Bank of Poland is, however, implemented in accordance with the principle of its openness, under the conditions of subjecting it to the judgment of public opinion. This is achieved through the information policy instruments used by the Polish central bank, which have been ana- lyzed in this study.

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