Monetary Policy after the Crisis – Key findings of a conference jointly organised by SUERF and the National Bank of Poland in Warsaw on 4 March 2011

On 4. March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: “Monetary Policy after the Crisis”. Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which were grouped in three sessions addressing the following three research questions: First, what have we learnt from the crisis for the conduct of monetary policy? Second, what have we learnt from the crisis for the coordination of monetary, fiscal and macroprudential policies? And third, how did the Monetary Transmission Mechanism during the crisis function, and what can we expect for the future?

Governor Marek Belka, National Bank of Poland, opened the conference with a number of pointed observations. Inflation targeting served Poland well. It stabilised inflation and inflation expectations. Poland’s version of inflation targeting with a flexible exchange rate policy also helped the country to weather the crisis well. So, there is no need to change the policy in Poland. But this may be different for other countries: Inflation targeting neglected asset price developments, so in this sense it fail...