The paper contains a general analysis of the exchange rate convergence process of new European Union member states and candidate countries. Following an introduction, we discuss exchange rate strategies applied during periods of economic transition. Emphasis is given to a hypothetical evaluation...

The paper evaluates some policy dilemmas the Czech monetary policy will face on the way towards adopting common currency. The assessment of the inflation criterion concentrates on the potential clash with so called real convergence showing that alleged negative influences on the catching-up...

The paper deals with accumulation of foreign exchange reserves of central banks and its consequences in banking system liquidity management. In theoretical part the case of banking system liquidity surplus is analyzed focusing on creation of liquidity through FX operations, sterilization of...