Rola interwencji walutowych na polskiej ścieżce do euro

Abstract

In the article, the author attempts to outline the importance of foreign exchange interventions on Polish road to the euro. He analyses main goals for intervention and shaping the zloty’s exchange rate, as well as their significance for determining the central rate within the ERM2 system. He also indicates the basic theoretical background of foreign exchange interventions as a fundamental tool for influencing the exchange rate and tries to define Poland’s position on the path to the euro. As a research method, an analysis of literature and statistical data was employed. Basic conclusion drawn from the considerations is that under present conditions, it is very difficult to determine the long-term equilibrium exchange rate of the zloty, and that the intervention of April 2010, made after a pause longer than ten years, does not necessarily mean a fundamental change in the approach to exchange rate policy.