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 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 emergence of the New Consensus in monetary policy has been followed by a renewal of interest in central banks' operating procedures, and specifically in the role of open market operations. There is a general view that overnight interest rates are most effectively controlled by standing or...