The role of the Czech national bank after the accession of Czech republic to the monetary union

The accession to the European Monetary Union is fundamentally changing the role of the Czech national bank. Aim of this work is to describe and evaluate this new role of the CNB in connection with the transfer of its former powers to the ECB. The theoretical part of the work deals with the role of central banking in general, the role of the CNB before the accession to the EMU and the role of ECB in monetary union. The work reviews compliance with the conditions required for the accession to the EMU. Further it focuses on the analysis of CNB monetary policy in recent years, particularly its interest rates policy. In view of the future situation in the field of monetary policy the work draws on the experience of Slovakia after its entry into the euro zone and respondes to the question of whether uniform monetary policy is equally applicable to all member states of the euro area by using the Theory of Optimum Currency Area. The work also analyzes the actions of the ECB and the CNB caused by the current economic crisis