The Czech koruna is the worst-performing major currency against the dollar since QE3 was launched this month, according to a Bloomberg list of expanded major currencies.

CNN: QE3 triggers fear of new currency wars

The Czech koruna floats, but it too has been stable.

ECONOMIST: Central Europe

The biggest moment in Mr Fischer's career came in 1997, when several thousand Czech holidaymakers were stranded in the Mediterranean after a devaluation of the Czech koruna had bankrupted several tour operators.

ECONOMIST: Face value

The Polish zloty has been tumbling on the foreign-exchange markets, losing 5% against the dollar in a day and raising fears that it could suffer the same speculative attacks as the Czech koruna suffered earlier in the year.

ECONOMIST: Europe��s floods

In the Czech Republic, a surging koruna has forced the central bank to reverse its policy of tightening: rates were trimmed by a quarter-point in January, to 2.25%, a shade higher than the euro area's.

ECONOMIST: A headache for a region's central bankers