Polityka pieniężna Europejskiego Banku Centralnego a zagrożenie deflacją w Unii Europejskiej
The European Central Bank's Monetary Policy and the Threat of Deflation in the European Union

Summary/Abstract: The aim of the paper is to assess whether the range of non-standard measures undertaken by the European Central Bank between 2014-2015 may turn out insufficient to stimulate demand and overcome deflation. The causes for the present situation are the weaknesses of mechanisms transmitting monetary policy impulses to the economy resulting from: 1) pessimistic expectations within Eurozone regarding economic growth, 2) lack among policy tools of any forward guidance for the desirable mid-term level of crucial real magnitudes, 3) lack of sufficient flexibility in the inflation target policy, 4) the weakness of the securities purchase programmes which exerted only a temporary effect on the ECB's balance sheet and monetary base.

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