The idea if EMU requires countries entering the euro zone to have a homogeneous system of monetary policy instruments including open market operations. This paper presents comparative analysis of Polish and European zone solutions in the range of open market operations.

The paper presents the role of the Polish National Bank in the interbank money market. The central bank is a key institution regula ting the level of monetary equilibrium andliquidity of banking sector, activating the commercial banks’ liquidity management and contributing to the efficient...