Monetary Law and Monetary Policy 5. Functions of the central bank. Seigniorage. Dr Marek Porzycki Chair for Economic Policy. Overview. 1. Traditionally distinguished functions of the central bank issuer of currency „bank of banks ” „ l ender of last resort”
Monetary Law and Monetary Policy5. Functions of the central bank. Seigniorage
Dr Marek Porzycki
Chair for Economic Policy
1. Traditionallydistinguishedfunctions of the central bank
- issuance of euro banknotes by the ECB and national central banks. ECB’sexclusiveright to authorise the issue of banknotes.
- issuance of euro coins by MemberStatessubjet to approval of volume of the issue by the ECB
- NBP’sexclusiveright to issue the currency of the Republic of Poland