Exchange-Rate Policies in Central Europe and Monetary Union
Lucjan T. Orlowski
Sacred Heart University - John F. Welch College of Business; Halle Institute for Economic Research; Centre for Social and Economic Research (CASE)
Comparative Economic Studies, Vol. 40, Issue 3, pp. 58-78, 1998
This paper examines the relationship between exchange-rate and monetary policies in transition economies (TEs) bent on entering the European Union (EU) and eventually acceding to the EUs monetary union. After detailing the present exchange-rate systems and monetary regimes in the central European TEs, currently practiced targets of monetary policy are reviewed and some proposed policy changes in response to the requirements of monetary union are discussed. Thereafter the question whether the candidates are likely to have to resort to a final currency devaluation no more than two years prior to acceding to monetary union is examined. This is followed, by way of conclusion, with some further suggestions for desirable adjustments in short-and long-term monetary policy.
Number of Pages in PDF File: 21Accepted Paper Series
Date posted: August 25, 2010
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