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EN
This paper assesses the exchange rate development and the volatility in six new EU member states during the period November 1996 - April 2006. The development is examined by the calculating various rates of return. The exchange rate volatility is analyzed by using the moving average standard deviations of the annualized daily returns of the nominal bilateral exchange rates. The three ERM II participating currencies (SIT, CYP, SKK) entered into the mechanism at the optimal time of stable exchange rate development and low volatility. However, the admissible fluctuation band ±2.25% seems to be too narrow for the remaining three currencies (CZK, HUF, PLN). Thus, these currencies should remain out of ERM II for some time.
PL
W okresie transformacji społeczno-gospodarczej, gdy mamy do czynienia z przystosowaniem gospodarki do nowych warunków ekonomicznych, bardzo ważnym elementem jest polityka pieniężna, która stanowi fundament stabilizacji makroekonomicznej, istotny element polityki prowzrostowej i prorozwojowej dla gospodarki kraju. Ludzie pragną dobrego pieniądza, o stabilnej wartości i swobodnie wymienianego na inne pieniądze oraz dobra i usługi. Elementem kojarzonym z takim pieniądzem winna być przejrzysta i skuteczna polityka pieniężna banku centralnego.
EN
The aim of the article is to show the issue connected with adjustments of the Polish, Hungarian and Czech economies to the euro area in the context of the nominal Maastricht convergence criteria (in the years 2004–2013 and, in some cases, also in the fi rst months of 2014). Takinginto account those criteria and legislation, the analysis shows that, among the above-mentioned countries, it is the Czech Republic that is closest to the euro zone, followed by Poland and Hungary. It is concluded, however, that none of those countries will probably be interested in replacing the national currency with the euro anytime soon.
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