Unconventional Monetary Policy of the European Central Bank

The thesis deals with the development of the unconventional monetary policy of the European Central Bank from the global financial crisis until the pandemic crisis. The thesis first anchors the organizational background of the European Central Bank and its main tasks, strategy, and monetary policy instruments. Subsequently, the development of unconventional instruments in response to the three major crises encountered by the ECB is presented. The thesis also examines the macroeconomic impact of the introduction of unconventional instruments and shows that their use has demonstrably positive effects on the development of macroeconomic variables. Lastly, the exit strategy from unconventional instruments is discussed, but due to the pandemic crisis, it cannot be expected in the near future.