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Rozdział1
WPŁYWKRYZYSUEKONOMICZNEGONAROZWÓJEKONOMICZNY
almosttheuniqueinstrumentchangesofinterestrates
2,theinterestrateon
short-termloanswhichtheCentralBankinfluencesthroughopenmarketopera-
tions.
Thispolicyisbasedontheassumptionthatmonetarypolicyshouldbeim-
plementedthroughinterestrateandassetpricesratherthanonthebasisof
adirectimpactonthemonetaryaggregates.Itisconsideredtobetruethatthein-
terestrateandassetpricesarelinkedthroughoperationsinthesecuritiesmarket,
soitisenoughtoaffectshort-termratesandallotherswillchangealso.
Regulationofbankingactivityingeneralandmonitoringoffinancialinsti-
tutionswereassignedtocentralbanksandsupervisoryauthoritiesoftheEurope-
anUnioncountries,however,asevidencedbytheworldcrisis,thesefunctions
wereinadequateandineffective.Interestrateabsolutizationledtoreductionto
aminimumoffinancialintermediarymaintenance,itsunderestimationhasledto
seriousdisproportions,thatinturnhasbecomethemainargumentinfavorof
improvingbankingregulationandsupervision.[4]
In2010intheEUperspectivesofreforminbankingsector(scheduledto
launchin2013)werediscussed.It’llbeconnectedwiththenewmanagement
tools,includingincreaseofreserverequirementsto4.5-5%,introductionof
anewtaxoninternationalbankingoperations,divisionof«speculative»and
corebankingoperations,aswellastostrengthenthesupervisionoffinancialin-
stitutions.Animportantpartofthereformwillbetheseparationofpowersand
responsibilitiesbetweennationalregulatorsandinternationalinstitutions.
Thesecondlesson:reformsofregulationandsupervisionoffinancialinsti-
tutionsintheEU.Inordertoimproveregulationandsupervisiononfinancial
marketsintheEUitisplannedtomakeessentialchanges.Draftamendmentsto
regulationandsupervisionoffinancialinstitutionshavebeendeveloped,its
essenceincreationofnewstructuresofthesupervisionwiththetasktomoni-
torfinancialsystemandpreventpossiblecrisesatanearlystage.Thefirstbody
istheEuropeanSystemicRiskBoard(ESRB).Itwillbeformedfromthecentral
banksandfinancialmarketsregulatorsoftheEUMemberStates.Itsobjectiveis
thegeneralsupervisionoverEUfinancialsystemconditionsandEuropean
Commissionwarningaboutanysignsthatmayindicateimpendingcrisis.Itis
supposedtoberigidlylimitedinpowersandbeableonlytopreventthe
emergenceofnewcrisesandgiveinstructionstothenationalregulators.Howev-
2
InarealityoftheCentralBankexperts«flexibletargetingofinflation»,whenapplicationof
variousmonetarytoolsleadstoreturningofinflationtothedefinedlevel,butnotatoncebut
throughthecertainperiod.
12