The main target of this paper is to analyze two problems: namely, whether the Polish exchange rate system is adjusted to the rules of ERM II and whether an exchange rate system that has been used in Poland since April 2000 constitutes appropriate foundation for the evaluation of the zloty/euro central rate. The paper underlines the rules and features of the exchange rate systems in countries that have been members of EU since May 2004. It presents also the results of research conducted in order to analyze the variability of exchange rates of these countries' currencies expressed in terms of the euro. In order to analyze this variability, the ERV measure was used. Conducted research leads to the conclusion that a free float exchange rate system cannot provide a base for the calculation of the zloty/euro central rate. Hence a modification of the Polish exchange rate system has to be introduced before entering the ERM II.

Keywords: ERM II, exchange rate regime, monetary policy.

  Michał Jurek, Adjustment of the Polish Exchange Rate Regime to the ERM II - plik pdf; (169 KB)