Comparison of selected monetary tools of the European central bank and the Federal reserve system

The aim of the thesis is to evaluate the use of ordinary and uncommon monetary instruments used by Federal reserve system and European central bank, in focuse reaction of both institutions after the beginning of the financial crisis in 2007. In the introductory part are defined both central banks, described basic principles of monetry policy and and independence of these banks. In the practical part there are analyzed major programs used by central banks and outlined the impact of their action. List of emergency measurement cointains definitiv of costs incurred in the provision of financial assistance. In conclusion, I confirmed that quantitative easing was financed by additional resources created and that the steps of the European Central Bank and the Federal Reserve system have the same character of direct debt financing