https://hdl.handle.net/10419/179708 2026-10-08T20:12:47Z 2026-10-08T20:12:47Z Dąbrowski, Marek https://hdl.handle.net/10419/300134 2024-07-12T01:13:40Z 2023-01-01T00:00:00Z

Title: Excess liquidity in the euro area: Sources and remedies Authors: Dąbrowski, Marek Abstract: The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)'s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and return to the SRS, the ECB must intensify quantitative tightening, which is also essential for successful disinflation. Fiscal adjustment can help in this process and mitigate the risk of financial instability. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.

2023-01-01T00:00:00Z Dąbrowski, Marek https://hdl.handle.net/10419/300126 2024-07-12T01:28:22Z 2023-01-01T00:00:00Z

Title: Anti-fragmentation: an incomplete diagnosis and wrong solution Authors: Dąbrowski, Marek Abstract: The euro area suffers from excessive public debt, which is the primary cause of the so-called fragmentation. It should be remedied by fiscal consolidation instead of the quasi-fiscal activities of the European Central Bank, which are inconsistent with its legal status, compromise its independence and undermine its price stability mandate. When targeted market intervention is necessary, it should be provided by the European Stability Mechanism. This paper was provided by the Policy Departmentfor Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.

2023-01-01T00:00:00Z Hagemejer, Jan Poniatowski, Grzegorz Pechcińska, Agnieszka Turgut, Mehmet Burak Śmietanka, Adam https://hdl.handle.net/10419/261108 2023-12-10T02:58:28Z 2021-01-01T00:00:00Z

Title: Inwestycje i ich determinanty a wzrost gospodarczy Polski w długim okresie Authors: Hagemejer, Jan; Poniatowski, Grzegorz; Pechcińska, Agnieszka; Turgut, Mehmet Burak; Śmietanka, Adam

2021-01-01T00:00:00Z Dabrowski, Marek https://hdl.handle.net/10419/261107 2023-12-15T03:02:13Z 2021-01-01T00:00:00Z

Title: Thinking beyond the pandemic: Monetary policy challenges in the medium- to long-term Authors: Dabrowski, Marek Abstract: The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into consideration, along with other pro-inflationary factors, in the post-pandemic era. It must also think in advance about how to avoid a policy trap coming from fiscal dominance. This paper is organized as follows: Chapter 2 deals with the economic characteristics of the COVID-19 pandemic and its impact on the effectiveness of the monetary policy response measures undertaken. In Chapter 3, we analyse the monetary policy decisions of the ECB (and other major CBs for comparison) and their effectiveness in achieving the declared policy goals in the short term. Chapter 4 is devoted to an analysis of the policy challenges which may be faced by the ECB and other major CBs once the pandemic emergency comes to its end. Chapter 5 contains a summary and the conclusions of our analysis.

2021-01-01T00:00:00Z