Abstract: The aim of this paper is to analyse the monetary policy of the European Central Bank since 2007 from the point of view of its effectiveness in eliminating the effects of the financial crisis in the Eurozone countries. The main source of data has been the ECB's statistical materials as well as publications of the Bank's trustees interpreting current problems of monetary policy. The research method adopted for the sake of this paper consists in the presentation of key aspects of the monetary policy explicitly oriented toward price stabilization and confrontation of this policy with the specific circumstances of the financial crisis. The undertaken studies indicate that the monetary policy tools which before the crisis were at the ECB's disposal were basically sufficient (following some modifications) to gradually restore efficiency of the main transmission channel for the ECB's monetary policy impulses running through the monetary market to the real sphere of economy. Consequently, the rapid limitation of this sphere fmancing due to the panie which burst out in international financial markets after the bankruptcy of the Lehman Brothers investment bank had been announced was not allowed. The unąuestionable success of the ECB's monetary policy in the period of crisis was skilful reconciliation of a very active re-fmancing policy implemented in the situ-ation of a significantly reduced basie interest ratę with the maintenance of inflation indexes at a Iow level. On the other hand, it is difficult to find convincing arguments which could prove that this policy can directly contribute to faster recovery of the Euroland economy from the deepest slump in the post-war period. (original abstract)
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