Exit stratégia zo súčasných neštandardných nástrojov menovej politiky

The thesis „Exit strategy from contemporary nonstandard tools of monetary policy“ is about monetary policy, standard and nonstandard monetary tools. The work describes monetary theory, area of activity of monetary policy and two pillar of monetary policy of ECB. The thesis defines standard monetary policy tools and direct and indirect tool of monetary policy in standard times. The monetary policy of ECB is set up from two pillars helping to reach the basic aim, to keep the price stability. The pillars are: monetary analysis and economic analysis. The transmission mechanism describes process, via its monetary policy affect the economy and price level. The main part of the thesis is nonstandard tools monetary policy and reaction of central banks to the financial crisis.