Exchange-rate Policies in Central Europe and Monetary Union

Comparative Economic Studies, No. 3, pp. 58-78, Fall 1998

Posted: 9 Feb 2005  

Lucjan T. Orlowski

Sacred Heart University - John F. Welch College of Business

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Abstract

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 EU's 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.

Suggested Citation

Orlowski, Lucjan T., Exchange-rate Policies in Central Europe and Monetary Union. Comparative Economic Studies, No. 3, pp. 58-78, Fall 1998. Available at SSRN: https://ssrn.com/abstract=664245

Lucjan T. Orlowski (Contact Author)

Sacred Heart University - John F. Welch College of Business ( email )

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