Abstract: The latest financial crisis had strong impact on global economy. In European market exists specific situation conditioned with special institutional agreements that deteriorate consequences of financial crisis, and created a doubt about future of European Union. The crisis has deepened the problem of indebtedness within the European Monetary Union, increased unemployment. In these circumstances European Central Bank (ECB) banking had to implement measures to mitigate financial shocks in European countries, and made itself work between its monetary policy and liquidity policy.