Inflation targeting is nowadays used by around 40 countries, with each of them tailoring some features of the strategy to its own needs. This holdse specially for deciding on the level of inflation targets. The analysis conducted in the paper aims at identifying factors affecting the choice of the target levels, with macroeconomic, structural and institutional characteristics of the reviewed economies being investigated. The main conclusion is that both backward- and forward-looking models can help to explain how inflation targets are set. Evidently inflation and GDP growth (past and forecast) together within formation on a possibly on going disinflation process are of key importance,but – especially for emerging market economies – also inflation variance and the level of economic development seem to influence the target levels. Moreover,many of the institutional features related, among others, to transparency and accountability of the reviewed central banks, were found significant in the analysis.

The correlations and the influence of the monetary policy pursued by the central banks of developed countries, primarily by the Federal Reserve System (the central bank of the United States), on the economies of developing countries is a subject of research, especially since the outbreak of the last financial crisis. Decisions concerning shifts in attitudes in the monetary policy taken by the monetary authorities of the largest economies, influence investors’ behaviour. Due to globalization and financialization, short-term capital flows occur very quickly and on a significant scale. Argentina is an illustration of the consequences of monetary policy tapering by the FRS for the economy of a developing country. Argentina was supported during the period of disturbances by the International Monetary Fund. Nevertheless, it seems that this solution is insufficient in view of the globalization of the effects of the monetary policy pursued by the economically strongest countries.

We consider fiscal and monetary policy interactions in a monetary unionunder monetary leadership, when the common central bank is concerned with theaverage fiscal stance of the union. We use a static two-country monetary unionmodel to investigate the policy-mix problem under different regimes of non-cooperation, cooperation, and enforced cooperation among fiscal authorities.We find that fiscal policy is unambiguously countercyclical, a feature that ismore pronounced under fiscal policy cooperation. Monetary policy can be eithercountercyclical or procyclical. A central bank concerned about the aggregatefiscal stance is effective in stabilizing output and central budget, but at theexpense of inflation stabilization.

The aim of the work is to present one of the most important structures of the last decade — the European Central Bank in Frankfurt am Main, against the background of the role which a sustainable skyscraper can play in the urban composition of a modern city. A literature query and original in situ research show that from the beginning of the 20th century, skyscrapers have become a symbol of the success and importance of cities and metropolises. At the same time, most of the historic skylines of European cities were saved from ‘Manhattanization’. One of the exceptions is Frankfurt, the financial capital of the EU. This paper discusses the construction of the ECB building, both as another important landmark in the city’s urban composition and as an innovative, sustainable structure. The results show that the location of an important high-rise building with a prestigious function in the urban structure confirms the city’s status. At the same time, it was proved that the technological and formal solutions used in the complex, together with the reuse of the built structure (recycling of architecture), may contribute to the reduction of the carbon footprint and maintaining high environmental standards.