The European Central Bank and Monetary Policy of Eurozone

The thesis deals with the European Central Bank which is a central institution of the European Monetary Union; its establishment, structure, organs and its relationship to other European Union institutions. Core principles of monetary poli cy and instruments are described. The second part is dedicated to the analysis of monetary policy with focus on changes in the rate of main refinancing operations with respect to the economic development (inflation rate, GDP growth etc.). The time from 1999 is divided into several periods and particular attention is paid to the contemporary economic crisis and ECB's non-standard measures