The article focuses on the globalisation of competition on the capital market and the adjustments it forces in the economic policies of various countries. The analysis was carried out with two assumptions. Firstly, that governments compete to attract foreign capital. Secondly, that a common regional currency is the most likely way to protect economies from the destructive effects of speculative attacks and currency crises. At the same time, a common regional currency presents a significant advantage in the global struggle to attract foreign capital. It seems that accepting the challenge and reaching for the opportunities offered by capital market globalisation is synonymous with conducting the same type of unilateral macroeconomic policy, regardless of whether it is a single country or an economically integrated region. In the present situation the struggle for foreign capital narrows the choices available for a national economic policy. Having in mind the globalisation of competition on the capital market, governments have to select a policy mix which leads to lowering their domestic spending.