Ocena polityki kursu walutowego wybranych krajów Europy Środkowo-Wschodniej w aspekcie optymalizacji strategii przyjęcia euro
Assessment of Exchange Rate Policy in Selected Central and Eastern European Countries in Terms of Optimising the Strategy of Euro Adoption

Summary/Abstract: Purpose – The aim of the paper is an assessment of exchange rate policy in Central and Eastern European countries, its effects and to investigate whether these countries meet the conditions for functioning in the monetary union. Moreover, the author made the attempt to determine under which macroeconomic conditions the likelihood of maintaining a stable exchange rate against the euro increases and to identify threats and opportunities connected with the accession to the euro area. Design/methodology/approach – The research is based on the review of theoretical and empirical studies concerning the role of the exchange rate as the economic policy instrument, as well as statistical data analysis. Findings – The research results are as follows: 1) CEE countries successfully implemented exchange rate policy during the transformation period, which allowed them to achieve internal balance (reduction of inflation in conditions of relatively high economic growth) and external balance (reduction of trade deficits); 2) countries, that chosen floating exchange rates have achieved greater economic stability; 3) CEE countries with a derogation have not met the conditions for obtaining benefits from functioning in euro area.

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