Relationships Between Financial Inclusion and Financial Stability and Economic Growth—The Opportunity or Threat for Monetary Policy?

The aim of the present article is to conduct the considerations aiming at the identification and presentation of the role of financial inclusion in realization of main purposes of monetary policy—financial stability and economic growth. To achieve the aim of the paper, the reviewed articles and reports of international organizations as well as the case studies from many countries will be used. Financial inclusion is strongly connected with many other financial parameters and processes and influences the financial well-being of households, financial management in enterprises, financial stability and economy as a whole. This impact—although it is ambiguous—accompanies the monetary policy of central banks. Financial inclusion may both increase as well as decrease the efficiency of usage the different tools and channels of central bank’s monetary policy in achieving the most important purposes—financial stability and economic growth. This means that many activities carried out to increase the level of financial inclusion may turn out to be risky. Complex relationships of many financial categories and processes, including financial inclusion and monetary policy require the detailed analysis to develop their coherent policy. A consideration of the financial inclusion as supporting process to monetary policy implies further research on ways of increasing the level of financial inclusion, taking into account multifaceted and bidirectional as well as direct and indirect relations between financial inclusion and monetary policy. The article presents integrated attitude to the influence of the financial inclusion on financial stability and economic growth.