The article reviews exchange regime operations conducted in 1990s in different countries around the world in connection with the process of economic globalisation and liberalisation of capital flows.

The author analyses the possibility and usefulness of applying fixed exchange rates and their influence on credit policies of different groups of countries and concludes that considerable capital flow in the international market requires applying free float rates. In the context, exchange rate policies in emerging markets and the increase in crisis emergence in 1990s are analysed.

The author concludes that there is no independent measurement which would allow to determine the permissible exchange rate fluctuation range and is critical of the concept of taxing currency market transactions, i.e. of the so-called Tobin tax.

The Economic and Monetary Union and its attitude to free float rates is another important issue that the article addresses. Also the question of regional currency cooperation, and the attitude of EU candidate countries to exchange rates regimes is discussed.

In the conclusion the author emphasizes that the regional economic and currency exchange cooperation (ASEAN+3, NAFTA, MERCOSUR) is necessary for attaining a predetermined level of exchange rates fluctuations, and then combining the different systems into a macro-regional, stable exchange rate system.