POST-CRISIS EXCHANGE RATE ARRANGEMENTS IN EUROPE

2012

This paper make a comparative analyze of the exchange rate arrangements in Europe (48 countries) before and after the global financial crisis. The main conclusion is that a number of countries abandoned their previously exchange rate regimes: Albania, Iceland and Switzerland (from free floating to managed floating); Hungary (from pegged exchange rate within fluctuation bands to euro to managed floating); Czech Republic (from managed floating to free floating); Croatia (from managed floating) and Macedonia (from conventional peg to euro) to a stabilized arrangement, with euro as reference currency; Azerbaijan (from crawling peg to a stabilized arrangement, with a composite anchor).