{"id":11396,"date":"2016-09-07T09:38:32","date_gmt":"2016-09-07T07:38:32","guid":{"rendered":"http:\/\/insiderfx.pl\/?p=11396"},"modified":"2026-03-22T20:14:41","modified_gmt":"2026-03-22T19:14:41","slug":"ebc-stoi-sciana-moze-ja-zburzyc","status":"publish","type":"post","link":"http:\/\/insiderfx.pl\/en\/ebc-stoi-sciana-moze-ja-zburzyc\/","title":{"rendered":"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107?"},"content":{"rendered":"<p>Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c oczekiwania bank\u00f3w, kt\u00f3re cho\u0107 nie spodziewaj\u0105 si\u0119 zmian st\u00f3p procentowych, to wskazuj\u0105 wyra\u017an\u0105 potrzeb\u0119 wyd\u0142u\u017cenia samego QE. Czy jednak EBC mo\u017ce tego dokona\u0107?<\/p>\n<p>Odpowied\u017a staje si\u0119 prosta. Bez dalszego obni\u017cenia stopy depozytowej, kt\u00f3ra ogranicza ilo\u015b\u0107 kwalifikowanych obligacji, jakie EBC mo\u017ce skupowa\u0107 w ramach QE (rentowno\u015b\u0107 stopy depozytowej), b\u0105d\u017a innych zmian w samym programie, Mario Draghi nie b\u0119dzie w stanie d\u0142u\u017cej prowadzi\u0107 QE na tak\u0105 skal\u0119 jak dotychczas.<\/p>\n<p>Wed\u0142ug najnowszych wylicze\u0144 Jefferies International program skupu obligacji powoli dochodzi do \u015bciany, przynajmniej je\u015bli chodzi o gospodark\u0119 niemieck\u0105. Jest to tym wa\u017cniejsze, i\u017c same bundy stanowi\u0105 najwi\u0119kszy udzia\u0142 w miesi\u0119cznej skali skupu papier\u00f3w. Wed\u0142ug grupy Jefferies je\u015bli zasady QE nie zmieni\u0105 si\u0119, w ci\u0105gu zaledwie nieco ponad dw\u00f3ch miesi\u0119cy EBC nie b\u0119dzie mia\u0142o \u017cadnych papier\u00f3w niemieckich nadaj\u0105cych si\u0119 do zakupu. Kiepsko sytuacja wygl\u0105da r\u00f3wnie\u017c w Holandii czy Portugalii, niemniej kraje te nie stanowi\u0105 du\u017cego udzia\u0142u w ca\u0142ym programie.<\/p>\n<figure id=\"attachment_11397\" aria-describedby=\"caption-attachment-11397\" style=\"width: 1232px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1.png\" rel=\"attachment wp-att-11397\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-11397\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1.png\" alt=\"Program QE prowadzony przez EBC, \u017ar\u00f3d\u0142o: \" width=\"1232\" height=\"424\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1.png 1232w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1-600x206.png 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1-300x103.png 300w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1-768x264.png 768w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr-1-1024x352.png 1024w\" sizes=\"(max-width: 1232px) 100vw, 1232px\" \/><\/a><figcaption id=\"caption-attachment-11397\" class=\"wp-caption-text\">Program QE prowadzony przez EBC, \u017ar\u00f3d\u0142o: Jefferies International<\/figcaption><\/figure>\n<p>Co mo\u017ce zmieni\u0107 EBC? Je\u015bli zak\u0142adamy, i\u017c ci\u0119cie stopy depozytowej nie wchodzi w gr\u0119 (najmniej oczekiwany scenariusz, je\u015bli chodzi o jutrzejsze posiedzenie), do dyspozycji pozostaj\u0105 inne rozwi\u0105zania. Jakie?<\/p>\n<p>EBC prowadz\u0105c obecnie program QE zobowi\u0105za\u0142 si\u0119 do przestrzegania pewnych zasad co do ilo\u015bci papier\u00f3w jakie bank mo\u017ce naby\u0107 od danego emitenta oraz z danej emisji obligacji. Wielko\u015bci te wynosz\u0105 obecnie 33%. Oznacza to, \u017ce tylko co trzecia obligacja emitowana przed dany rz\u0105d (m\u00f3wimy o papierach skarbowych) lub przedsi\u0119biorstwo mo\u017ce zosta\u0107 zakupiona przez EBC. Progi te zosta\u0142y wprowadzone, by mi\u0119dzy innymi nie doprowadzi\u0107 do sytuacji <a href=\"http:\/\/insiderfx.pl\/en\/rosnaca-presja-boj-szczytem-g7-potrzebne-dalsze-luzowanie\/\" target=\"_blank\" rel=\"noopener\">z jak\u0105 mamy obecnie do czynienia w Japonii<\/a>, gdzie BoJ ju\u017c sta\u0142 si\u0119 wi\u0119kszo\u015bciowym udzia\u0142owcem wielu firm.<\/p>\n<figure id=\"attachment_11398\" aria-describedby=\"caption-attachment-11398\" style=\"width: 578px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr1-1.png\" rel=\"attachment wp-att-11398\"><img decoding=\"async\" class=\"wp-image-11398 size-full\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr1-1.png\" alt=\"jfr1\" width=\"578\" height=\"422\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr1-1.png 578w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr1-1-300x219.png 300w\" sizes=\"(max-width: 578px) 100vw, 578px\" \/><\/a><figcaption id=\"caption-attachment-11398\" class=\"wp-caption-text\">Co by by\u0142o, gdyby EBC zmieni\u0142 minimalny pr\u00f3g kupowanych obligacji od danego emitenta? \u017ar\u00f3d\u0142o: Jefferies International<\/figcaption><\/figure>\n<p>Powy\u017csza tabela przedstawia r\u00f3\u017cne scenariusze ilo\u015bci skupowanych obligacji przez EBC od danego emitenta. Obecnie odsetek ten wynosi maksymalnie 33%. Je\u015bli poziom ten zwi\u0119kszy\u0142by si\u0119 do 50% w\u00f3wczas EBC wed\u0142ug tych wylicze\u0144 m\u00f3g\u0142by prowadzi\u0107 QE jeszcze przez 14 miesi\u0119cy, p\u00f3\u017aniej napotka\u0142by kolejn\u0105 &#8222;\u015bcian\u0119&#8221; w postaci niedoboru obligacji.<\/p>\n<figure id=\"attachment_11400\" aria-describedby=\"caption-attachment-11400\" style=\"width: 578px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr2-1.png\" rel=\"attachment wp-att-11400\"><img decoding=\"async\" class=\"size-full wp-image-11400\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr2-1.png\" alt=\"\u017ar\u00f3d\u0142o: Jefferies International\" width=\"578\" height=\"414\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr2-1.png 578w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/jfr2-1-300x215.png 300w\" sizes=\"(max-width: 578px) 100vw, 578px\" \/><\/a><figcaption id=\"caption-attachment-11400\" class=\"wp-caption-text\">Co by by\u0142o, gdyby EBC zmieni\u0142 minimalny pr\u00f3g kupowanych obligacji z danej emisji, \u017ar\u00f3d\u0142o: Jefferies International<\/figcaption><\/figure>\n<p>Co je\u015bli EBC postanowi\u0142by jednak zmieni\u0107 maksymalny pr\u00f3g kupowanych papier\u00f3w z danej emisji? Jak wida\u0107 w tym przypadku efektywno\u015b\u0107 jest mniejsza. Przy tym samym progu wynosz\u0105cym 50% EBC wyd\u0142u\u017cy\u0142by czas prowadzonego QE w Niemczech do 7 miesi\u0119cy z obecnych 2 miesi\u0119cy. Tym samym mo\u017cemy przypuszcza\u0107, \u017ce je\u015bli EBC mia\u0142by co\u015b &#8222;majstrowa\u0107&#8221; przy zasadach QE to prawdopodobnie sk\u0142oni\u0142by si\u0119 w pierwszej kolejno\u015bci do zmiany progu dla poszczeg\u00f3lnego emitenta.<\/p>\n<p><strong>Wa\u017cne:<\/strong> <a href=\"http:\/\/insiderfx.pl\/en\/dlaczego-place-dla-fed-sa-najwazniejsze\/\" target=\"_blank\" rel=\"noopener\">Dlaczego p\u0142ace dla FED s\u0105 najwa\u017cniejsze?<\/a><\/p>\n<p>Czy jednak to jest jakie\u015b rozwi\u0105zanie? Z pewno\u015bci\u0105 mo\u017cemy powiedzie\u0107, \u017ce taki krok by\u0142by odebrany przez rynek jako poniek\u0105d przyznanie si\u0119 do braku osi\u0105gni\u0119cia zamierzonych efekt\u00f3w przez EBC, co mo\u017ce prowadzi\u0107 do obni\u017cenia wiarygodno\u015bci w\u0142adz monetarnych. Z drugiej strony nie robi\u0105c nic EBC wkr\u00f3tce pozbawi si\u0119 mo\u017cliwo\u015bci prowadzenia QE w Niemczech. Niemniej nawet je\u015bli poziomy te zostan\u0105 podniesione b\u0119dzie to tylko tymczasowy zabieg, zatem &#8222;\u015bciana&#8221; o jakiej pisz\u0119 w tytule mo\u017ce zosta\u0107 jedynie przesuni\u0119ta, ale nie zburzona.<\/p>","protected":false},"excerpt":{"rendered":"<p>Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c oczekiwania bank\u00f3w, kt\u00f3re cho\u0107 nie spodziewaj\u0105 si\u0119 zmian st\u00f3p procentowych, to wskazuj\u0105 wyra\u017an\u0105 potrzeb\u0119 wyd\u0142u\u017cenia samego QE. Czy jednak EBC mo\u017ce tego dokona\u0107? Odpowied\u017a staje si\u0119 prosta. Bez dalszego obni\u017cenia stopy depozytowej, kt\u00f3ra ogranicza ilo\u015b\u0107 kwalifikowanych obligacji, jakie [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archiwum-analiz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107? - InsiderFX | Finanse bez stresu<\/title>\n<meta name=\"description\" content=\"Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insiderfx.pl\/en\/ebc-stoi-sciana-moze-ja-zburzyc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107? - InsiderFX | Finanse bez stresu\" \/>\n<meta property=\"og:description\" content=\"Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insiderfx.pl\/en\/ebc-stoi-sciana-moze-ja-zburzyc\/\" \/>\n<meta property=\"og:site_name\" content=\"InsiderFX | Finanse bez stresu\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/arkadiuszbalcerowski.insiderfx\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-07T07:38:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-22T19:14:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"390\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Arkadiusz Balcerowski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Insider_FX\" \/>\n<meta name=\"twitter:site\" content=\"@Insider_FX\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Arkadiusz Balcerowski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/\"},\"author\":{\"name\":\"Arkadiusz Balcerowski\",\"@id\":\"https:\/\/insiderfx.pl\/#\/schema\/person\/761938215d79173b7ff21e0a441c1959\"},\"headline\":\"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107?\",\"datePublished\":\"2016-09-07T07:38:32+00:00\",\"dateModified\":\"2026-03-22T19:14:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/\"},\"wordCount\":652,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insiderfx.pl\/#organization\"},\"image\":{\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg\",\"articleSection\":[\"Archiwum analiz\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/\",\"url\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/\",\"name\":\"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107? - InsiderFX | Finanse bez stresu\",\"isPartOf\":{\"@id\":\"https:\/\/insiderfx.pl\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg\",\"datePublished\":\"2016-09-07T07:38:32+00:00\",\"dateModified\":\"2026-03-22T19:14:41+00:00\",\"description\":\"Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c\",\"breadcrumb\":{\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage\",\"url\":\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg\",\"contentUrl\":\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg\",\"width\":700,\"height\":390},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Strona g\u0142\u00f3wna\",\"item\":\"https:\/\/insiderfx.pl\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insiderfx.pl\/#website\",\"url\":\"https:\/\/insiderfx.pl\/\",\"name\":\"InsiderFX | Finanse bez stresu\",\"description\":\"Twoje wsparcie w zarz\u0105dzaniu finansami osobistymi\",\"publisher\":{\"@id\":\"https:\/\/insiderfx.pl\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insiderfx.pl\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insiderfx.pl\/#organization\",\"name\":\"InsiderFX | Finanse bez stresu\",\"url\":\"https:\/\/insiderfx.pl\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insiderfx.pl\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2025\/12\/InsiderFX_white1.svg\",\"contentUrl\":\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2025\/12\/InsiderFX_white1.svg\",\"width\":210,\"height\":100,\"caption\":\"InsiderFX | Finanse bez stresu\"},\"image\":{\"@id\":\"https:\/\/insiderfx.pl\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/arkadiuszbalcerowski.insiderfx\",\"https:\/\/x.com\/Insider_FX\",\"https:\/\/www.youtube.com\/@InsiderFX_FinanseBezStresu\",\"https:\/\/www.instagram.com\/insiderfx.finanse.bez.stresu\/\",\"https:\/\/www.tiktok.com\/@insiderfx.finanse\",\"https:\/\/www.linkedin.com\/in\/arkadiusz-balcerowski-cfa-53615914a\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/insiderfx.pl\/#\/schema\/person\/761938215d79173b7ff21e0a441c1959\",\"name\":\"Arkadiusz Balcerowski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/ff39ef10e9f4df3e227ec39d4173b3f4483cf1de146b1deea70222cbd0bab10e?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ff39ef10e9f4df3e227ec39d4173b3f4483cf1de146b1deea70222cbd0bab10e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ff39ef10e9f4df3e227ec39d4173b3f4483cf1de146b1deea70222cbd0bab10e?s=96&d=mm&r=g\",\"caption\":\"Arkadiusz Balcerowski\"},\"sameAs\":[\"https:\/\/insiderfx.pl\/\"],\"url\":\"http:\/\/insiderfx.pl\/en\/author\/insideadmin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107? - InsiderFX | Finanse bez stresu","description":"Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insiderfx.pl\/en\/ebc-stoi-sciana-moze-ja-zburzyc\/","og_locale":"en_US","og_type":"article","og_title":"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107? - InsiderFX | Finanse bez stresu","og_description":"Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c","og_url":"https:\/\/insiderfx.pl\/en\/ebc-stoi-sciana-moze-ja-zburzyc\/","og_site_name":"InsiderFX | Finanse bez stresu","article_publisher":"https:\/\/www.facebook.com\/arkadiuszbalcerowski.insiderfx","article_published_time":"2016-09-07T07:38:32+00:00","article_modified_time":"2026-03-22T19:14:41+00:00","og_image":[{"width":700,"height":390,"url":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg","type":"image\/jpeg"}],"author":"Arkadiusz Balcerowski","twitter_card":"summary_large_image","twitter_creator":"@Insider_FX","twitter_site":"@Insider_FX","twitter_misc":{"Written by":"Arkadiusz Balcerowski","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#article","isPartOf":{"@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/"},"author":{"name":"Arkadiusz Balcerowski","@id":"https:\/\/insiderfx.pl\/#\/schema\/person\/761938215d79173b7ff21e0a441c1959"},"headline":"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107?","datePublished":"2016-09-07T07:38:32+00:00","dateModified":"2026-03-22T19:14:41+00:00","mainEntityOfPage":{"@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/"},"wordCount":652,"commentCount":0,"publisher":{"@id":"https:\/\/insiderfx.pl\/#organization"},"image":{"@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage"},"thumbnailUrl":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg","articleSection":["Archiwum analiz"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/","url":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/","name":"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107? - InsiderFX | Finanse bez stresu","isPartOf":{"@id":"https:\/\/insiderfx.pl\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage"},"image":{"@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage"},"thumbnailUrl":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg","datePublished":"2016-09-07T07:38:32+00:00","dateModified":"2026-03-22T19:14:41+00:00","description":"Jutrzejsze posiedzenie Europejskiego Banku Centralnego mo\u017ce przynie\u015b\u0107 pewne dostrojenia obecnie prowadzonego programu skupu aktyw\u00f3w. Takie s\u0105 te\u017c","breadcrumb":{"@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#primaryimage","url":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg","contentUrl":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/06\/Draghi_ECB-1.jpg","width":700,"height":390},{"@type":"BreadcrumbList","@id":"https:\/\/insiderfx.pl\/ebc-stoi-sciana-moze-ja-zburzyc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Strona g\u0142\u00f3wna","item":"https:\/\/insiderfx.pl\/"},{"@type":"ListItem","position":2,"name":"EBC stoi pod \u015bcian\u0105. Czy mo\u017ce j\u0105 zburzy\u0107?"}]},{"@type":"WebSite","@id":"https:\/\/insiderfx.pl\/#website","url":"https:\/\/insiderfx.pl\/","name":"InsiderFX | Finanse bez stresu","description":"Twoje wsparcie w zarz\u0105dzaniu finansami osobistymi","publisher":{"@id":"https:\/\/insiderfx.pl\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insiderfx.pl\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insiderfx.pl\/#organization","name":"InsiderFX | Finanse bez stresu","url":"https:\/\/insiderfx.pl\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insiderfx.pl\/#\/schema\/logo\/image\/","url":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2025\/12\/InsiderFX_white1.svg","contentUrl":"https:\/\/insiderfx.pl\/wp-content\/uploads\/2025\/12\/InsiderFX_white1.svg","width":210,"height":100,"caption":"InsiderFX | Finanse bez stresu"},"image":{"@id":"https:\/\/insiderfx.pl\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/arkadiuszbalcerowski.insiderfx","https:\/\/x.com\/Insider_FX","https:\/\/www.youtube.com\/@InsiderFX_FinanseBezStresu","https:\/\/www.instagram.com\/insiderfx.finanse.bez.stresu\/","https:\/\/www.tiktok.com\/@insiderfx.finanse","https:\/\/www.linkedin.com\/in\/arkadiusz-balcerowski-cfa-53615914a\/"]},{"@type":"Person","@id":"https:\/\/insiderfx.pl\/#\/schema\/person\/761938215d79173b7ff21e0a441c1959","name":"Arkadiusz Balcerowski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ff39ef10e9f4df3e227ec39d4173b3f4483cf1de146b1deea70222cbd0bab10e?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ff39ef10e9f4df3e227ec39d4173b3f4483cf1de146b1deea70222cbd0bab10e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ff39ef10e9f4df3e227ec39d4173b3f4483cf1de146b1deea70222cbd0bab10e?s=96&d=mm&r=g","caption":"Arkadiusz Balcerowski"},"sameAs":["https:\/\/insiderfx.pl\/"],"url":"http:\/\/insiderfx.pl\/en\/author\/insideadmin\/"}]}},"_links":{"self":[{"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/posts\/11396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/comments?post=11396"}],"version-history":[{"count":1,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/posts\/11396\/revisions"}],"predecessor-version":[{"id":27486,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/posts\/11396\/revisions\/27486"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/media\/10814"}],"wp:attachment":[{"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/media?parent=11396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/categories?post=11396"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/insiderfx.pl\/en\/wp-json\/wp\/v2\/tags?post=11396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}