The article analyses the potential risks related to the stability test, which zloty will undergo after entering the ERM II. The cost of abandoning the floating exchange rate will, in the case of Poland, be relatively low. Nonetheless, the ERM II stability test will bring in the risks, which were avoided under the floating exchange regime. The reintroduction of the fluctuation band may create a target for potential speculative attack. The experiences of former accession countries, however, indicate that markets do not launch a speculative attack once they trust that a country in question is able to maintain its external and interal equilibrium. The experiences of the former accession countries also reveal that the important issue is to enter the euro zone with the market exchange rate, which is close to a long-term equilibrium rate Professor Andrzej
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