Hodnocení dopadů měnové politiky ECB na státy jižního křídla eurozóny mezi lety 2003-2021 v souvislosti s ekonomickými krizemi

The thesis deals with the analysis of the effects of the monetary policy of the European Central Bank during years 2003-2021 on the over-indebted states of the southern wing of the eurozone in connection with economic crises. The topic is still relevant due to the recent COVID-19 pandemic, as governments have decided to counter the consequences of the pandemic by means of compensating the large financial and economical losses, like they did during the crisis of 2008. The countries of the southern wing of the Eurozone show a poor state of public finances for the last few decades and manage very high state budget deficits, which were exacerbated by the crisis in 2008. The thesis contains a theoretical part that defines monetary policy, its instruments and goals, the optimal monetary area from the perspective of traditional and newer theories, the theory of economic cycles and presents causes and consequences of both monitored crises. The practical part includes a comprehensive analysis of the effects of the monetary policy of the European Central Bank on unemployment, the development of GDP and debt, inflation and the trend of interest rates. During years 2016-2022, the ECB applied a policy of very low interest rates, and since 2014 it has implemented quantitative easing programs, the purpose of which was to supply liquidity to the financial markets. Despite the fact that the ECB's measures are aimed at supporting and protecting the economies of the eurozone states, the analysis confirmed the initial hypothesis: "the effects of the ECB's monetary policy are negative in certain respects on the economies of over-indebted states". From the point of view of the future development of the economies of the monitored countries of the southern wing of the eurozone, the prospects tend to be pessimistic.