Macedonian Denar (MKD) Depreciation, Introduction of the New Foreign Exchange Regime or Introduction of the Euro?

Before the beginning of the world economic crisis, countries from Eastern and Central Europe (CEE) had tremendously high rates of economic growth. Their growth was stimulated mostly with foreign investments and huge amounts of loans that came from the Western countries. However, as a result of the current economic crisis, global liquidity is sharply decreasing. Access to foreign capital gets more dificult. Inflow of foreign currencies from export of goods and services is being reduced. That caused an abrupupt decrease of the inflow of foreign currencies and pressure on the exchange rates of the domestic currency. Countries with fluctuating exchange rate experienced depreciation of their currencies. Countries with fixed exchange rate faced the need of significant reduction in their foreign reserves in order to prevent the depreciation of their currencies. The second scenario happened in Republic of Macedonia (RM). That raised the question whether the devaluation of the Macedonian denar is needed or new foreign exchange regime should be introduced?