In my opinion, the monetary policy coordinated by central banks can not be objectively assessed without taking into account many specific, current determinations describing the condition of financial markets, the issues of financial risk management instruments applied, the condition of the economy and many other macroeconomic factors. The analysis of a particular monetary policy should take into account the dynamic approach of many variables, including cyclical fluctuation reflected in the changes of many economic categories on the financial markets and in the entire economy. A specific monetary policy may be interpreted and evaluated differently depending on many factors surrounding the condition, financial markets and the economy. In support of this thesis, I cite the following various situations surrounding the banking system and the condition of financial markets and the macroeconomic situation in the context of the cyclical nature of the economy:
1. The process of cyclical development of the national and global economy in a multi-annual perspective, which does not develop fully objectively and independently, is only coordinated by actively pursued economic policies in individual countries, primarily through fiscal and financial policy. To this should be added the issue of the growing importance of central banking in banking systems since the 1970s and the processes of globalization, deregulation, liberalization of transactions and the operation of financial markets, applied security instruments and credit risk management, including capital markets.
2. The impact of monetary policy on central banking on economic processes, when this policy is used, for example, to stimulate economic growth in the deep recession of the economic cycle of the entire national economy, in other words, as has been used many times in many countries since the 1970s. also after the appearance of the global financial crisis in September 2008. Initially, the Federal Reserve Bank in the USA applied such an interventionist anti-crisis solution, and then the European Central Bank in the European Union applied analogous interventionist anti-crisis programs. thanks to this, restoring the balance in the economies and restoring economic growth has worked more effectively and faster than if these interventionist anti-crisis programs were not applied.
3. Long-term, the same, analogical, similar to the same formula, the same goals and directions of action, such as monetary policy co-ordinated by a large central bank, which is also of international importance due to the importance of the US economy, ie monetary policy shaped by the Bank Federal Reserve in the USA. This has been the case since the 1990s until the global financial crisis in 2008. Consequently, this particular policy of the Federal Reserve bank before 2008 was considered by many economists to be incorrect, too low interest rates were maintained for a long time, which enabled commercial banks to broaden the liberalization of lending policy, which resulted in granting these loans to persons without creditworthiness when there were no reliable borrowers and the home sales market was growing, prices of real estate and securities on stock exchanges continued to grow speculatively, despite the fact that they were highly overvalued.
In connection with the above, in the current economic reality it is not practically justified to assess the dominant models of applied monetary policies in universal, timeless terms, detached from the specific economic conditions of a given country, from a specific moment in the business cycle, from specific standards of the institution's supervision of the financial system, on the specific quality of the effects achieved in the area of ??the security of the financial system being a derivative of the application of specific solutions and system prudential instruments in the credit risk management process, etc.
On the other hand, it is justified to make objective, scientifically verified assessments of the dominant models of applied monetary policies, but for a specific economic situation, for a given country, for a specific examined and posted financial system functioning in a specific economy, at a specific moment, phase of the economic cycle of the national economy, global situation, specific situation on the capital markets, the level of valuation of securities on stock exchanges, applicable standards and instruments for the security of the financial system, including the effectiveness of supervision institutions over the financial system, including banking, situtions on credit markets, specific scientifically tested and defined standards for the use of bank loans, i.e. level of credit risk for the majority of credit transactions, etc.
Do you agree with me on the above matter?
In the context of the above issues, I am asking you the following question:
How do you rate the monetary policy of the central banks?
Please reply
I invite you to the discussion
Thank you very much
Best wishes
Paul: In my opinion, I think the central bank of the United States has performed their duties very well. Since the Great Recession ended in June 2009, the economy of the USA has performed very well. We (USA) have a very low unemployment at 3.8%, a low inflation at 1.6%, and a positive GDP growth rate at 2.3% per year.
I agree with Paul but my confusion is different agencies have different statistic. So that going for a common conclusion has become vague.
I am not sure whether the question is:
How do YOU rate the monetary policy of the central banks? OR
How do you RATE the monetary policy of the central banks?
The first would suggest a question inviting a variety of opinions, while the second question would suggest a comparative measure is being sought.
On the grounds that I think the intention is the first, it would appear, as you allude in your narrative, that the world's main market central banks have copied Alan Greenspan's approach (even though we now think it was misapplied at that time) and maintained low interest rates in order to enable "cheap money" so that consumers continue to consume economic outputs. Turbocharged with quantitative easing. And it appears to have worked in that we have not entered a 1929-like depression.
From a chartist perspective we might expect reversion to mean i.e. an increase in interest rates to "normal" levels (whatever that now means). But from a fundamentalist perspective we might consider whether or not low interest rates will remain in place while central banks avoid inducing a drop in consumption leading to corporate losses and unemployment. The past is not necessarily a guide to the future.
Instead of persistent low interest rates leading to strengthened economic activity (corporate profits, higher employment, higher consumption) we now have to deal with the economic implications of a US/China trade war and its impact on those two currencies. What next might come along to challenge our abilities to predict?
Even though the parameters are fundamentally understandable, their interplay is hard to foresee (well for me at least).
We also need to look at forward-looking indicators such as debt and non-ponzi game rules.we need also hegemonic index
in my view the central bank of Kenya has to a larger extend achieved monetary policy objectives effectively of price stability and stable macroeconomic stability looking at key indicators over the last decade
you can see "A New Framework for Hegemonic Analysis of Monetary Policy: The Case of Iran".It is available
on the research gate. i tried to make a quantitative index for hegemony of a monetary planner. it may give you some idea. If u have any question, i am at your service. Iman
Dear Colleagues and Friends from RG, The research that I conduct shows that since the 1970s the importance of banks 'credit policy, issues of researching the level of credit risk and improving the process of managing credit risk has increased in the context of analyzing the effectiveness of banks' operations, financial system security issues and also indirectly for analyzing changes in the economic situation of the national economy. I described these issues in my publications, which are available on the Research Gate portal. I invite you to scientific cooperation.
Do you agree with me on the above matter?
In the context of the above discussion, another key research question arises:
- Has the increase in the importance of active central banking monetary policy exerted a significant impact on these processes?
- Did central banking and banking supervision institutions effectively force commercial banks to improve their credit procedures and credit risk management systems after the 2008 global financial crisis?
What do you think about this topic?
What is your opinion on this topic?
Please reply
I invite you to discussion
Thank you very much
In a macroeconomics view, the ownership structure of the central bank is important. Central bank tendency to Private or Treasury, makes the optimal inflation policy and it’s channel.(Credit channel)
Treasury wants more inflation but people do not.
This creates a conflict of interest. I think commitment of a central bank ,based on the stockholder may improve risk management .
In Microeconomics view, The technology of financing is important.
Dear Colleagues and Friends from RG, Does anyone of you conduct research on the correlation of the effectiveness of the process of improving credit risk management in commercial banks and the implementation of the central bank's assistance functions towards commercial banks, and the shaping of monetary policy by the central bank?
The process of improving credit risk management is implemented mainly at the level of a specific commercial bank. Central and supervisory institutions, which mainly include central banking and banking supervision institutions, may affect some aspects of this process, correct possible excessive levels of systemic credit risk, especially in a situation where a specific bank unreliably implements prudential procedures in the field of lending activity or in a deteriorating situation loan portfolio quality caused by the recession in the domestic and possibly global economy. Before the emergence of the global financial crisis in autumn 2008, there was an unwritten rule in some financial environments that a large banking entity could not fail. The declaration of bankruptcy by one of the largest investment banks, Lehman Brothers, whose bankruptcy will start with the global financial crisis, questioned this type of opinion regarding financial system entities. To analyze the correlation of the effectiveness of the process of improving credit risk management in commercial banks and the shaping of monetary policy by the central bank, the key issue is the relationship between central banking and commercial banking that has been built over the years. For example, the issue of implementing the central bank's assistance functions for commercial banks in the event of a significant increase in liquidity and debt risk, problems with the effective management of assets and liabilities and / or in the case of high risk of bankruptcy. In such a situation, a commercial bank may ask the central bank for help in the form of low-interest loans, interest-bearing loans on preferential terms, while increasing the scope of financial management control. In addition, the possibility of buying commercial junk securities and other assets and outstanding loans from banks. This type of assistance from central banking to commercial banks, including investment banks, has been used on a large scale since September 2008, i.e. since the beginning of the development of the largest global economic crisis in the history of global financial crisis. However, it is possible to diagnose situations in which, as part of this assistance activity of the central bank with respect to commercial banks, including investment banks, the moral risk and disregard of the principles, methods and procedures of the banking risk management process, including credit risk management, liquidity risk, may be neglected. debt risk and other risk categories. For example, if central banking suggests to commercial banks, including investment banks operating on capital markets, that in the event of a financial crisis it will come to the rescue to eliminate the potential risk of bankruptcy of many entities of the financial system, how do these declarations translate into an approach to improving the process of credit risk management and to comply with banking procedures regarding lending and securities operations and to comply with good business practices? In my opinion, such unwritten declarations can increase moral risk and reduce pressure and the need to improve credit risk management processes. Does any of you examine this issue in the context of analyzing sources, factors of financial and economic crises? I am researching this issue and invite you to cooperation. I described the results of my research in scientific publications that are available on the Research Gate website. I invite you to cooperation.
Please reply
I invite you to discussion
Thank you very much
Best wishes
Dariusz Prokopowicz
For global success in monetary policies, the IMF should step in and Basel regulations should be implemented, but it is not possible.
Since this will not happen, the independence of the central bank and regulatory supervisory authorities should be ensured.
Dear Colleagues and Friends from RG, In some of my publications, in which I analyzed the sources of the global financial crisis of 2008, one of the theses that I formulated is as follows: If central banks raised interest rates, e.g. in 2005 or earlier, then the global financial crisis could be much smaller in negative effects.
- Do you agree with me on this matter?
In addition, in the context of the above interesting discussion, I am asking you to answer the following questions:
- Before the global financial crisis that appeared in September 2008, did central banks keep interest rates low for too long?
- Have you not noticed too high levels of credit risk in most commercial and investment banks in the system departments of credit risk management?
- Has there been a too high level of crediting of investment projects implemented by enterprises?
Please reply
I conduct research in this area. The conclusions of the research I published in scientific publications that are available on the Research Gate portal.
I invite you to discussion
Thank you very much
Best wishes
Dariusz Prokopowicz
discussion of effectiveness...
Aastveit, K., Natvik, G. J. J., & Sola, S. (2013). Economic uncertainty and the effectiveness of monetary policy.
Case of money market rates...
Abbassi, P., & Linzert, T. (2012). The effectiveness of monetary policy in steering money market rates during the financial crisis. Journal of Macroeconomics, 34(4), 945-954.
Mp transmission aspect...
Cevik, S., & Teksoz, K. (2013). Lost in transmission? The effectiveness of monetary policy transmission channels in the GCC countries. Middle East Development Journal, 5(3), 1350018-1.
Dear Colleagues and Friends from RG, Is a significant reduction in interest rates a good anti-crisis instrument, thanks to which the world can avoid the recession of the global economy in 2020? Unfortunately, more and more economic data indicate that the current (mid-March 2020) development of the Coronavirus pandemic may lead to a global recession in 2020. There will certainly be a recession in many countries where tourism is one of the main branches of the economy. Certainly Coronavirus's impact on the economy, financial markets and the energy sector will be very large. The prices of stocks, gold, energy resources and other assets on capital markets are rapidly falling. We currently have a stock market crash on the stock market similar to other stock market crashes that have previously started global financial and / or economic crises. In view of the above, the recession of the global economy in 2020 is very likely. Accordingly, central banks are increasing their activity to maintain liquidity in the banking sectors. However, only some central banks have decided to lower interest rates. Should the other banks take similar actions? should central banks significantly lower interest rates as interventionist anti-crisis measures? can a significant reduction in interest rates, a reduction in interest rates to levels close to zero or below zero, to the level of incumbent interest rates be a good anti-crisis instrument? Will lowering interest rates to negative interest rates increase liquidity and allow lending in banking sectors to be maintained at optimal levels? Is a significant reduction in interest rates a good anti-crisis instrument, thanks to which the world can avoid the recession of the global economy in 2020?
Best wishes.
Dariusz Prokopowicz
Bond portfolio outflows from emerging market economies (EMEs) are typically associated with currency depreciation and rising domestic long-term interest rates. This relationship asserted itself in a particularly stark way during the Covid-19 crisis in mid-March 2020 ... Hördahl, P., & Shim, I. (2020). EME bond portfolio flows and long-term interest rates during the Covid-19 pandemic (No. 18). Bank for International Settlements.
Here, hypothesize that countries with low interest rates will be more likely to resort to fiscal policy in the crisis since their ability to use traditional monetary tools is limited … Benmelech, E., & Tzur-Ilan, N. (2020). The Determinants of Fiscal and Monetary Policies During the COVID-19 Crisis. Available at SSRN 3634549.
In the aftermath of the Global Crisis, conventional monetary policy has been constrained by low interest rates in many major economies. This has spurred debates on the possibility of introducing negative interest rates in the monetary policy toolkit. ..
Lilley, A., & Rogoff, K. (2020). Negative interest rate policy in the post COVID-19 World. VOX, CEPR Policy Portal, April, 17.
Hello everyone, Dear Colleagues and Friends from RG, Thank you very much for participating in this discussion. I would like to add the following question to this discussion: How do you assess the anti-crisis, relaxed monetary policy used in the first half of 2020 to revive economic processes?
As part of interventionist, lenient monetary policy as part of anti-crisis measures aimed at maintaining liquidity in the financial system in connection with the current economic crisis, several central banks have already significantly reduced interest rates. Among these central banks were, for example, the European Central Bank and the Federal Reserve Bank. If the global economic crisis, including the high recession of the global economy, were to persist for several months, it cannot be excluded that other, subsequent central banks may also significantly lower interest rates. The reduction of interest rates increases liquidity in the financial system and contributes to a decrease in interest on credit and para-credit products offered to commercial entities and citizens by commercial banks. It is one of the most important instruments for activating entrepreneurship as part of monetary policy.
In addition, as part of a benign, pro-development monetary policy, central banks reduce interest rates, giving a signal to commercial banks that they are taking action to activate liquidity in the banking system. Commercial banks also reduce the interest rate on credit and para-credit products at the expense of lower profitability and increase the potential liquidity in the banking system. On the other hand, to what extent lending will develop and thus counteract the deepening economic downturn, it also depends to a large extent on the other side of the credit transaction market, i.e. primarily from enterprises taking economic loans to finance new business ventures or maintain business continuity in situations of specific financial problems. Therefore, the state through central banks can activate lending of commercial banks, which are an important element of the so-called interventionist credit policy. If the interventionist credit policy effectively fulfills its role, it is a significant element of anti-crisis measures taken in the financial system and thus measures significantly reducing the risk of losing liquidity in financial institutions.
However, so that this easing of monetary policy does not increase the risk of a future financial crisis, it is also necessary to constantly and permanently improve the process of managing credit, operational, liquidity, IT systems, cybercrime, etc. In addition, as part of the above mentioned mild, interventionist monetary policy, central banks launch loans to commercial banks on preferential terms, buy lost loans from commercial banks and / or carry out buy-back programs on the secondary market of government bonds to maintain liquidity in the commercial and public financial system of the state. In addition, in some countries, interventionist measures of anti-crisis budget policy, including fiscal ones, were launched in parallel. As a result, some countries have already launched simultaneous, pro-development, interventionist, anti-crisis programs to save business entities from mass bankruptcy by introducing additional temporary tax breaks or exemptions, subsidies to employees' remuneration under fiscal policy. As the global economy is currently in a deep recession, it is necessary to permanently improve and increase the scale of the anti-crisis socio-economic policy planned, developed and implemented both on the scale of individual countries and as part of coordinated international activities. If the recession of the global economy lasts for several weeks or months, then similar anti-crisis measures may be taken in other countries. I conduct research in this area. The conclusions of the research I published in scientific publications that are available on the Research Gate website. I invite you to cooperation.
In view of the above, I ask the following question: How do you assess the anti-crisis, relaxed monetary policy used in the first half of 2020 to revive economic processes?
What do you think about it?
Please reply,
Thank you very much and best regards,
Dariusz Prokopowicz
With Covid 19 pandemic situation, most of the countries use expansionary MP stances including our country Sri Lanka... Benmelech, E., & Tzur-Ilan, N. (2020). The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis (No. w27461). National Bureau of Economic Research.
Ozili, P. K., & Arun, T. (2020). Spillover of COVID-19: impact on the Global Economy. Available at SSRN 3562570.
Negative interest rates...Lilley, A., & Rogoff, K. (2020). Negative interest rate policy in the post COVID-19 World. VOX, CEPR Policy Portal, April, 17.
Yilmazkuday, H. (2020). COVID-19 and Monetary Policy with Zero Bounds: A Cross-Country Investigation. Available at SSRN 3598500.
Dear D A Gayan Nayanajith, Thank you very much for the bibliographic sources provided. I also encourage you to continue discussions on the various topics on my profile. Joint discussions are very encouraging, new concepts are created, ideas are exchanged and different approaches to specific issues are created. Joint discussions significantly contribute to the improvement of the developed concepts of scientific research, new theses, new formulas and directions of new research works.
Feel free to participate in discussions also on other topics in my discussion forum.
Thank you very much,
Best wishes, Best regards, have a nice day,
Dariusz Prokopowicz
Dear Resül Yazıcı, Iman Bastanifar, Charles Mutuku, Paul Stock, Nagalingam Nagendrakumar, Christopher C Kelly, D A Gayan Nayanajith, Fortune Amanze, Hello everyone, thank you for participating in the discussion. Thank you very much for your inspiring, interesting and highly substantive answer.
I am very glad that an interesting discussion has started.
Thank you very much and best regards, Have a nice day,
Dariusz Prokopowicz
If the current (October 2020) second wave of the SARS-CoV-2 (Covid-19) coronavirus pandemic deepens and in the next few weeks / months the number of Coronavirus infections and Covid-19 cases will significantly increase and the economic growth rate will decrease dramatically is it possible for central banks in your countries to make further significant cuts in interest rates?
What do you think about it?
What's your opinion on this topic?
Please reply
Best regards,
Dariusz Prokopowicz
Look at the one page review: Preprint The Demise of Central Banking
and look at my short course: https://helion.pl/ksiazki/blockchain-kurs-video-cyfrowa-ewolucja-w-swiecie-finansow-tomasz-waszczyk,vwszdf.htm#
Dear Tomasz Waszczyk,
Thank you for your answer. Thank you very much for the links provided to scientific papers on this important issue of shaping the monetary policy of central banking and its use in order to model financial liquidity in the banking sector and to try to activate entrepreneurship in the economy.
Best wishes,
Dariusz Prokopowicz
Recently (November 2020) there is positive information (end of work on the creation of a vaccine in several pharmaceutical companies), which may suggest that in a few months the current wave of the SARS-CoV-2 (Covid-19) coronavirus pandemic may end to a significant extent. Therefore, will the probability of further interest rate cuts by central banks drop significantly now?
Best wishes,
Dariusz Prokopowicz
More and more macroeconomic data indicate that in the current 2021, the global economy will be much better than in 2020. There is a high level of probability that the global economy will recover from recession in the next few months, i.e. until around mid-2021. Therefore, the question arises:
Will the interest rates lowered by central banks in 2020 to record low levels be restored in 2021 to the levels close to 2019?
Greetings,
Dariusz Prokopowicz
I think for different countries will be different. Countries that use vaccines will recover more quickly , though still need incetives for develompent of economy. Interest rates will be still low, even with the risk of inflation. It will be growing in 2022.
For developing countries it will be later.
Dear Rafael Ciloci,
Yes, I have a similar opinion on this issue. Even if the SARS-CoV-2 (Covid-19) coronavirus pandemic expires in connection with the ongoing vaccination programs for citizens, the monetary policy will not change much in the next at least a few months. In the situation of recovering from the economic crisis, economic processes activation and the occurrence of low or moderate inflation, interest rates will rather be kept at low levels.
Best wishes,
Dariusz Prokopowicz
In the context of the applied benign monetary policy of the central bank, which is an important element of the anti-crisis state interventionism applied in order to lead the economy out of the economic crisis caused in 2020 by the SARS-CoV-2 (Covid-19) coronavirus pandemic, the following question arises: Should interest rates continue to be kept low to keep economic loans offered by commercial banks to entrepreneurs, mortgages offered to citizens, etc. cheap? Should the central bank start to raise interest rates, taking into account the rapid recovery of the economy from the crisis, the achievement of the optimum level of positive economic growth, the strong increase in the crediting of corporate investments and the purchase of housing by citizens? I am asking because now (August 2021) in many countries, central banks have already started to raise interest rates this year 2021, which in 2020 have been lowered to record lows, but there are still few countries where these record low interest rates have not yet been raised . So another research question arises: Should we also take into account the improvement of the economic situation on the stock exchange, which could deteriorate when monetary policy is significantly tightened, incl. interest rates will be raised and the central bank will reduce the scale of purchases of junk assets with high credit risk assets from commercial banks? I added the last question because the central bank operating in the country in which I operate, ie the National Bank of Poland, has in recent years made transactions with securities listed on the national stock exchange and carries out transactions on international currency markets.
What do you think about this topic?
I invite you to the discussion,
Thank you very much,
Best regards,
Dariusz Prokopowicz
Frustrated in COVID-19 time, stability is the primary target that cannot achieve most of the time.
Dear Mohammed Faez Hasan,
Thanks for answering the question: Yes, of course, stability is the main focus of the anti-crisis, anti-covid, interventionist socio-economic policy programs implemented during the SARS-CoV-2 (Covid-19) Coronavirus pandemic.
Thank you very much,
Greetings,
Dariusz Prokopowicz
Hi Dariusz Prokopowicz . I hope the following link could help:
https://www.suerf.org/docx/SUERF_Conference_Proceedings_2016_4.pdf
Dear Aref Wazwaz,
Thanks for the link to the publication. The issues described in this publication may be helpful for this discussion, during which we try to answer the question: How do you rate the monetary policy of the central banks?
Thank you very much,
Greetings,
Dariusz Prokopowicz
In the last dozen or so months, the issue of the level of interest rates, their reductions from March 2020 and increases from the end of 2020 was mainly determined by the deep recession of the economy caused by the SARS-CoV-2 (Covid-19) pandemic in the middle of 2020 and the rapid recovery of the economy from the this recession and a significant increase in inflation in mid-2021.
Best wishes,
Dariusz Prokopowicz
When the SARS-CoV-2 (Covid-19) coronavirus pandemic broke out, panic ensued in March 2020 and there was an asset sale on stock exchanges. At that time, central banks lowered interest rates to reduce the scale of uncertainty and stem the stock market crash. Then, through 2020, interest rates were kept at a low level, which was supposed to act against the crisis. As from around mid-2021 the economies of some countries quickly recover from the economic crisis caused by the pandemic and economies enter the path of rapid economic growth, central banks begin to raise interest rates.
What is your opinion on this topic?
Thank you, Regards,
Dariusz Prokopowicz
Dear Fortune Amanze,
Thanks and invite you to the discussion.
Thank you,
Greetings,
Dariusz Prokopowicz
In 2021, the economies of many countries quickly emerged from the economic crisis caused in 2020 by the SARS-CoV-2 (Covid-19) coronavirus pandemic. A quick recovery of the economic situation and the applied high-budget programs of anti-crisis financial public aid provided to enterprises triggered strong inflationary pressure. Due to rising inflation, central banks are raising interest rates. Therefore, if strong inflationary pressure continues in the coming months and quarters, how much can interest rates still increase in the next year? To what extent will the cost of money increase? To what extent can loans become less affordable for individual groups of borrowers? Will interest rates in 2022 be raised to levels much higher than the levels of interest rates at the beginning of 2020, i.e. just before the outbreak of the pandemic? Could a significant increase in interest rates in 2022 cause a slowdown in economic growth?
What is your opinion on this topic?
What is your opinion on this issue?
Please reply, I invite everyone to the discussion,
Thank you very much,
Best wishes,
Dariusz
The main instruments of the monetary policy are Cash Reserve Ratio, Statutory Liquidity Ratio, Bank Rate, Repo Rate, Reverse Repo Rate, and Open Market Operations.
Dear Chuck,
That's right. During the economic recession triggered in 2020 by the SARS-CoV-2 (Covid-19) coronavirus pandemic, central banks lowered interest rates in order to increase liquidity in the banking sector, revive commercial bank lending and reduce the scale of the economic downturn. On the other hand, in 2021, during the dynamic recovery of the economy from the economic crisis, the pumping of large amounts of additional anti-crisis money into the economy, and the large-scale use of public financial aid for enterprises, inflation began to grow rapidly. Therefore, from 2021, many central banks are raising interest rates in order to reduce the scale of inflation. When the central bank started the interest rate increases too late, then the pace of interest rate increases by the central bank was faster. Alternatively, or additionally, anti-inflationary, interventionist measures taken as part of fiscal policy consisting in reducing VAT on the sale of certain ranges of products and / or services may be introduced. Such a situation occurred in the country in which I operate. Has a similar situation occurred in your country?
Thank you very much,
Best regards,
Dariusz