The paper discusses the issue of short-term capital flow liberalization, which is so crucial to the country's monetary policy. As Polish economy is integrated into the world economy, many barriers will have to be lifted. On the other hand, Poland's economic situation leaves the country well behind its more advanced partners. Therefore, to enable the economy to adjust to the new conditions, a measure of protection will be necessary for some time ahead. In trying to decide whether or not to lift constraints on short-term capital flows, politicians face a true dilemma. They have to give careful consideration to arguments for and against the final relaxation of the country's capital account flows. The author tries to determine which arguments carry more weight; whether time is ripe to make the final decision and what consequences such a decision might bring.