Özet:

The paper studies the ways in which the monetary policy of the Eurosystem adapted during crises. It comprises four great crises that have taken place since the European Central Bank was founded in 1999 (the global economic crisis, the European sovereign debt crisis, the COVID-19 pandemic crisis, and the Russo-Ukrainian War crisis). Most consideration is given to the recent three-and-a-half-year period from the beginning of 2020 to mid-2023, encompassing the great COVID-19 pandemic crisis, followed by the Russo-Ukrainian War crisis. The research objective was to determine to what extent the Eurosystem used the standard instruments, and what led it to introduce new non-standard monetary policy measures. From the non-standard monetary policy measures by the Eurosystem, especially highlighted is the purchase of securities. An analysis of the balance sheet positions from the consolidated balance sheet of the Eurosystem was made, which reflects the application of the most significant instruments and monetary policy measures of the Eurosystem. We used synthesis and comparison methods to compare and relate the analysis results with the most significant trends of the monetary macroeconomic variables, which are the European Central Bank reference interest rate, the broadest monetary aggregate and the inflation rate of the euro area.

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