Eastern Europe counters currency attacks

Four eastern European central banks have made a coordinated effort to bolster their currencies, saying recent sharp depreciations fail to reflect economic fundamentals.

Mugur Isarescu, the governor of the National Bank of Romania, said on Monday that the Czech, Polish, Hungarian and Romanian central banks had agreed to speak publicly about the exchange-rate swings, which they see as out of kilter with underlying trends.

Romania revealed on Tuesday that the coordination was the result of a serie