The course of economic processes of economy is regulated by its products and production factors in which supply and demand are equalized. The most important role is given to money as a measurement of value (ensuring valuation), means of payment (allowing the settling the payments) as well as a means of hoarding (allowing savings). Primarily the market economy is a monetary economy. Money is used for buying and selling, for granting loans, accumulating savings. Every functional entity of the market such as enterprises, households are taking part in these processes. An important role of these processes is taken by the purchasing power of money, which has an eff ect on those participating in economy and social life. If the value of the money is constant it brings safety in life not only from the economic but also the social point of view. We can not agree more than to say that stable currency is of great social value. The central bank takes a major role to a guard keeping the currency at a stable level. Proper functioning of the central bank is strictly connected with its independence. It allows the monetary policy to be conducted properly in a country.

The growing number of empirical studies proves the existence of the negative relations between short-term interest rates and the stock prices. It points to permeability of the stock market channel in the monetary policy transmission process; it also proves the strength of the central bank instrument which makes it possible to react to disadvantageous turn of events on financial markets (by providing liquidity, easier access to credit or restoring investors’ trust), or to excessive enthusiasm of investors. This confirms the importance of monetary policy in economic policy and is an argument for more frequent use of monetary tools rather than fiscal tools to affect economy. It mainly corresponds to countries with high and/or growing – decade after decade – public debt, as well as with strong impact of the public finance sector on GDP which limits possibilities and development perspective of respective economies as well as lowers flexibility of fiscal policy and its feature of supporting economic processes that is needed not only in the context of shocks. It would be advised to return to actions that were observed before the financial crisis of 2008 in terms of integrating capital markets in Europe and to intensify them – not only due to obvious advantages of improved effectiveness and attractiveness of the European financial market, but also due to expected strengthening of the stock market channel in the monetary transmission policy process as well as the increased effect of monetary policy on economic processes and their effectiveness.

Experiences related to the global financial crisis of 2008 and to subsequent turbulence in the financial market, and also to threats connected with the COVID-19 pandemic, demonstrate the evolution of the aims of the functioning of central banks. The goal of monetary stability, which means attempting to ensure low inflation, has proved insufficient. As a part of building a new architecture of financial regulation and supervision (at international, European, and national level), the mandate of central banks has been strengthened and supplemented with activities aimed at ensuring the stability of the financial system, understood as a state of affairs in which systemic risk does not accumulate. The aim of this article is to analyze the systemic role of the NBP (Polish Central Bank) from the point of view of the contemporary evolution of the role of central banks within the financial safety net.

Term of Office of the President of National Bank of Poland in the Management Board of the Central Bank of Poland – Constitutional and Statutory Regulations

The article is devoted to the analysis of the composition of the NBP Management Board in terms of its diversity in terms of the number of terms of office in this body of the President of the Central Bank of Poland. The paper presents constitutional and statutory regulations stating that the President of NBP cannot be treated as a member of the Management Board of NBP. It points to the constitutional separation of these two bodies. It draws attention to the method of appointing the President of the NBP and the Management Board of the NBP and the prohibition of combining the functions of the President of the NBP with the mandate of a Member of Parliament. Statutory regulations boil down primarily to regulations proving a clear differentiation of the NBP Management Board into the Chairman, i. e. the President of the NBP and members. This means that the President of NBP not being a member of the Management Board of NBP has different terms of office with respect to the members of the Management Board. The article points to different requirements regarding membership of a political party, the very method of appointment or taking a solemn oath by the President of the NBP.

Poland’s Systemic Challenges Before Joining the Monetary Union in the Context of the Independence of the National Bank of Poland

Poland joined the European Union as part of the largest EU enlargement so far, which took place in 2004. Poland did not take advantage of the passing 19 years of EU membership and did not join the monetary union. The analysis of Poland’s accession to the monetary union should begin with considerations regarding the adjustment and amendment of the Constitution of the Republic of Poland in this respect. In particular, it is necessary to analyze the statutory definition of NBP independence. The literature broadly covers the subject of convergence conditions and the possibility of Poland meeting them. However, the fact is overlooked that Poland, despite the passage of 19 years from the accession to the EU, remains in a significant systemic maladjustment to the provisions of the monetary union. A particular scope of the mismatch concerns the current legal position of the NBP. The lengthening period of Poland’s accession to the monetary union determines the fact that Poland remains in the second development speed in the EU with a clear tendency to increase the distance to the countries forming the euro area.