The article is the author's contribution to the debate on the fundamental issues of monetary policy, which took place at the annual NBP conference at Zalesie Gorne. The discussion was inspired by the papers presented by many leading experts in the field as well as high-ranking officials of the banking sector. Those papers were published in the July-August edition of our magazine. In the article, the author argues the propositions presented mainly in two papers: one by the MPC member Marek Dabrowski (Does Globalization Leave Room for National Monetary Policy?), the other by Piotr Szpunar (Efficient Monetary Policy Strategy in a Small Open Economy - the Options for Poland). While by no means challenging the cognitive value of the two inputs, the author states that - since perfect substitutionality of financial assets is not yet a fact in Poland - the viewpoints presented in the two papers, relevant as they are for the developed countries, cannot be applied in determining the Polish monetary and exchange rate policy at the present stage. The practical conclusion resulting from the author's considerations is that in the Polish situation, the exchange rate and money stock control can still be treated as two independent tools, at least as far as internal flows are concerned. this creates a certain scope for independent monetary policy. While this scope will certainly narrow in the future, at present it offers narrow in the future, at present it offers opportunity which should not be overseen.