Abstract The present paper examines the choice of an appropriate exchange rate policy for selected economies in transition (Czech Republic, Hungary, Estonia, Slovenia and Poland) which are interested in becoming soon members of EMU. The approach chosen draws on positive and normative hints from...

Abstract In this paper, we first formulate a number of working hypotheses about the likely contributions of exchange rate policy to economic development on the background of the famous “trilemma” which exchange rate policy has to face. Then, we broadly review experiences made by developing...