But "it's obviously better to be outside" the euro zone now, said Poland's central-bank governor, Marek Belka, because "we can avail ourselves of a sovereign monetary policy, including the ability of the currency to depreciate, " and don't have to share in the cost of bailouts.
But, as acknowledged in the paper, governments intervene in currency markets to pursue a variety of policy objectives (not just to secure an exporter advantage), including to defend the currency from competitive devaluations.