The Visegrad Group and its (un)friend the euro area: the impact of EU monetary policy on the individual monetary policies of the V4 countries between 2008 and 2022

This thesis examines the impact of EU monetary policy on the individual monetary policies of the V4 countries between 2008 and 2022. Using the method of literature search in the theoretical part of the thesis and then through comparative and relational analysis and the method of induction in the practical part of the thesis, it studies the behaviour of central banks during economic crises. The thesis examines the monetary measures introduced by central banks, their effectiveness, their influence on macroeconomic indicators and their monetary impact. The thesis uses data from the OECD, the World Bank and Eurostat. The research aimed to confirm or refute three predefined hypotheses. The first: “Monetary policies of the Visegrad Group countries have become increasingly synchronised with EU monetary policy since the 2008 financial crisis,” which the research confirmed. The second hypothesis was: “Eurozone countries have experienced less impact of crises on their monetary policies, due to cooperation in crisis management and mutual assistance, compared to V4 countries outside the eurozone,” which was not confirmed. The third hypothesis was: “Countries with monetary sovereignty, which can make decisions according to their preferences and conditions without depending on a third party, show higher economic growth than euro area Member States,” and this hypothesis was also confirmed.