Polityka kursu walutowego przed wstąpieniem do Unii Gospodarczej i Walutowej

Abstract

The article touches upon the functioning of the European Exchange Rate mechanism ERM II. The introduction analyses the criteria of accession to the Economic and Monetary Union and the systems Exchange Rate Mechanism (ERM) and ERM II. Subsequently, the author discusses the current integration process and the procedures related to joining ERM II and the euro area. There are four stages of this process defined in the article. Next, the article discusses the central exchange rate and the modifications related to remaining within ERM II. The author describes the term “severe tensions” which can be defined as a serious tension in a situation when the exchange rate diverges beyond the acceptable range of ± 2.25%. The last part touches upon the assessment of the exchange rate stability. The European Commission and the European Central Bank are responsible for it; both institutions work independently. The article emphasises the vital necessity of joining ERM II prior to the accession to the Economy and Monetary Union. Joining ERM II should be treated as a sign of real determination to enter the euro zone. It should not be treated as a kind of experiment, from which one can always withdraw.