  In the late 90's, after severe financial and economic crisis, accompanied by
inflation and exchange rate instability, Eastern Europe emerged into two groups
of countries with radically contrasting monetary regimes (Currency Boards and
Inflation targeting). The task of our study is to compare econometrically the
performance of these two regimes in terms of the relationship between
inflation, output growth, nominal and real uncertainties from 2000 till now. In
other words, we test the hypothesis of non-neutrality of monetary and exchange
rate regimes with respect to these connections. In a whole, the empirical
results do not allow us to judge which monetary regime is more appropriate and
reasonable to assume. EU enlargement is one of the possible explanations for
the numbing of the differences and the lack of coherence between the two
regimes in terms of inflation, growth and their uncertainties
