A brief overview is given on selected effects of the exchange coupling
between effective mass electrons and localized spins in II-VI semicon
ductors containing Mn ions. In the case of a carrier or exciton trappe
d by an impurity or defect, the exchange interaction leads to zero-fie
ld spin-splitting, The current theory of such complexes, known as boun
d magnetic polarons, describes correctly their spectroscopic and therm
odynamic properties as well as their formation dynamics. At the same t
ime, a free magnetic polaron a delocalized carrier accompanied by a tr
aveling cloud of polarized spins is not expected to exist for the actu
al values of the coupling constants. However, hole scattering by therm
odynamic and static fluctuations is shown to affect significantly its
energy. For a strong coupling, the corresponding renormalization has t
o be described by a non-perturbative approach. Finally, the influence
of the carrier liquid upon the Mn spins is discussed. Here, either opt
ical pumping or p-type doping may lead to a ferromagnetic order, both
in bulk and layered structures. Because of a long-range character of t
he carrier mediated interactions, this ordering is not destroyed by th
e fluctuations, even in the reduced dimensionality systems. PACS numbe
rs: 78.47.+p, 75.70.Cn, 78.55.Et, 78.66.Hf.