Central bankers have turned to non-standard monetary policy instruments in recent years. One of them is quantitative easing, which aims to boost inflation and economic growth in a situation where interest rates have fallen to technical zero and their real impact on the economy has ceased to be effective. However, it is worth considering whether accommodative monetary policy (total easing) coupled with quantitative easing is really effective and whether its influence is overestimated, or will bring further negative effects in the future that have not emerged in the short term.

It can be assumed, that if there is insufficient demand, commercial banks will not form more credit and money supply. Although central banks conduct expansionary monetary policy and quantitative easing, there is no proportional increase in the volume of loans. There were differences between Central European countries in how to react to the crisis. Looking at the monetary policy of the Vysegrád Four countries, i.e. the Czech Republic, Slovakia, Poland and Hungary, different approaches can be identified. The main one is that the central banks of Poland and Hungary did not proceed to active interventions and the application of nonstandard monetary policy measures. In the case of Slovakia, quantitative easing of the European Central Bank dominated.

The paper uses time series analysis and relative indices, regression and Pearson correlation analysis. Secondary data were obtained from national banks as needed for analysis. Different reactions can be observed, but they should lead to several goals such as price stability based on a certain increase in inflation, further to economic growth. If the expected effect does not occur to the extent it is anticipated or required, it would be advisable to seek other possible ways that central banks can use to respond to potential business cycles. This could include, for example, greater cooperation regarding monetary and fiscal policies in times of crisis.