Saldo obrotów bieżących i mechanizm kursu walutowego w krajach Europy Środkowej i Wschodniej w latach 2008-2012

This paper analyzes the relation between exchange rate mechanism and current account balance adjustment in the Central and Eastern European EU Member States. Exchange rates in the Central and Eastern European EU Member States differ considerably, from completely fixed exchange rate arrangements to pure floaters. During crises floater's countries experience drop in nominal and (in less extend) real effective exchange rate but very moderate adjustment in terms of current balance. Hard peg countries, following the strong increase in the internal and external imbalances in the period up until 2008, are now experiencing a very rapid economic adjustment period via through recessions.