Ryzyko rozpadu strefy euro. Rola EuropejsEuropean Central Bank; Eurozone; kiego Banku Centralnego w łagodzeniu kryzysu zadłużenia publicznego
Risk of eurozone breakdown. The role of the European Central Bank in mitigating the sovereign debt crisis

Summary/Abstract: As has been clearly demonstrated by the sovereign debt crisis, the underlying weakness of the eurozone design is that monetary policy is defined at the supranational level, by the ECB, while fiscal policy is the province of the member states. Thus, a uniform monetary policy is not matched by a uniform policy on public finances. The adopted rule is that each member state bears responsibility for the effects of its fiscal policy and that players in the financial market should bear the consequences of their decisions on investing in treasury paper of individual eurozone countries.

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