POLICY AND BUSINESS CYCLES Andrzej Cieślik, Jan Jakub Michałek, Jerzy Mycielski Euro and Trade Flows in Central Europe / 7 Piotr Krajewski Tax Rates Impact on GDP in Poland / 27 Joanna Rydarowska-Kurzbauer GDP Fluctuation and Changes in Consumption and Investment. Comparative Analysis of Polish Economy and Some Countries of the European Union / 43 Ewa Szymanik Business Cycles and Their International Transmission – the Introduction to the Problem / 55 Bernadeta Baran Effectiveness of Fiscal Policy Coordination Rules in the Monetary Union / 73 VARIA Ewa Lechman Catching-up and Club Convergence From Cross-National Perspective a Statistical Study for the Period 1980–2010 / 95 Joanna Błach, Monika Wieczorek-Kosmala The Ratio Analysis of Financial Balance and Bankruptcy Risk of the Silesian Companies in Time of the Global Financial Crisis / 111 Michal Pavlíček Overview of the Situation on Photovoltaic Market in Selected Eastern European States After World Crisis in 2011 / 127 FOR AUTHORS / 139