Poland, though, will still have to sort through the fallout from the sudden appreciation in the franc currency, which is problematic given that the Polish economy is home to $35 billion worth of franc-denominated mortgages. Year-to-date, the iShares MSCI Poland Capped ETF (NYSEArca: EPOL) and the Market Vectors Poland ETF (NYSEArca: PLND) both declined a little over 4%. [Swissie Surge Punishes Poland ETFs]

However, eastern European countries may begin to cut down their own borrowing costs in response to ECB actions, which could also bolster growth in their respective economies, according to Simon Quijano-Evans, head of emerging-market research at Commerzbank AG.

‘‘The message seems very clear: cut rates,’’ Quijano-Evans said in the article. ‘‘Otherwise we’re going to see this appreciation pressure on the currencies. You’re going to see disinflation or deflation pass-through to these countries as these are so highly interwoven with the euro zone.”

iShares MSCI Emerging Markets Eastern Europe Index Fund ETF

For more information on the eastern European region, visit our eastern Europe category.

Max Chen contributed to this article.

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