Faced with COVID-19 crisis, central banks have once again become one of the key players in the economies. The aim of this article is to analyse the actions of Central and Eastern European central banks within all their roles (monetary policy, micro-and macroprudential policy, deposit guaranteeing and resolution) during the first coronavirus wave. The analysis shows that they were active in various fields, not only those that were traditionally always assigned to central banks (i.e. monetary policy, although this was the major field of activity). Scope of the intervention naturally depended on the shape of the national financial safety net. At the same time, the use of monetary policy tools depended on the adopted monetary policy strategy. Practice of central banks’ actions shows that central banks with a wide range of monetary tools reacted later. It seems that the scope and intensity of the use of monetary policy tools was not influenced by the general role of the central bank in the financial safety net. The monetary toolkit used by banks was based on a standard set of instruments with modified conditions of application (scale, transaction parameters and their type, collaterals and counterparties). Although transactions with specific parameters were sometimes implemented for the first time, they can still be included in the framework of classic monetary policy tools. In areas other than monetary policy, central banks were much less active. The most disturbing seems to be the passivity in the field of macroprudential policy.

中文翻译：

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CEE EU 中央银行在第一波 COVID-19 期间的政策

面对 COVID-19 危机，中央银行再次成为经济中的主要参与者之一。本文的目的是分析第一次冠状病毒浪潮期间中欧和东欧中央银行在其所有角色（货币政策、微观和宏观审慎政策、存款保障和解决方案）中的行动。分析表明，他们活跃于各个领域，而不仅仅是那些传统上总是分配给中央银行的领域（即货币政策，尽管这是主要的活动领域）。干预的范围自然取决于国家金融安全网的形态。同时，货币政策工具的使用取决于所采用的货币政策策略。央行行动的实践表明，拥有广泛货币工具的央行反应较晚。货币政策工具的使用范围和强度似乎不受中央银行在金融安全网中的一般作用的影响。银行使用的货币工具包基于一套标准工具，并修改了应用条件（规模、交易参数及其类型、抵押品和交易对手）。尽管具有特定参数的交易有时是首次实施，但它们仍然可以包含在经典货币政策工具的框架中。在货币政策以外的领域，中央银行的活动要少得多。最令人不安的似乎是宏观审慎政策领域的被动。银行使用的货币工具包基于一套标准工具，并修改了应用条件（规模、交易参数及其类型、抵押品和交易对手）。尽管具有特定参数的交易有时是首次实施，但它们仍然可以包含在经典货币政策工具的框架中。在货币政策以外的领域，中央银行的活动要少得多。最令人不安的似乎是宏观审慎政策领域的被动。银行使用的货币工具包基于一套标准工具，并修改了应用条件（规模、交易参数及其类型、抵押品和交易对手）。尽管具有特定参数的交易有时是首次实施，但它们仍然可以包含在经典货币政策工具的框架中。在货币政策以外的领域，中央银行的活动要少得多。最令人不安的似乎是宏观审慎政策领域的被动。它们仍然可以包含在经典货币政策工具的框架中。在货币政策以外的领域，中央银行的活动要少得多。最令人不安的似乎是宏观审慎政策领域的被动。它们仍然可以包含在经典货币政策工具的框架中。在货币政策以外的领域，中央银行的活动要少得多。最令人不安的似乎是宏观审慎政策领域的被动。