A brief overview is given on selected effects of the exchange coupling between effective mass electrons and localized spins in II-VI semiconductors containing Mn ions. In the case of a carrier or exciton trapped by an impurity or defect, the exchange interaction leads to zero-field spin-splitting.The current theory of such complexes, known as bound magnetic polarons, describes correctly their spectroscopic and thermodynamic properties as well as their formation dynamics. At the same time, a free magnetic polarona delocalized carrier accompanied by a traveling clond of polarized spinsis not expected to exist for the actual values of the coupling constants. However, hołe scattering by thermodynamic and static fluctuations is shown to affect significantly its energy. For a strong coupling, the corresponding renormalization has to be described by a non-perturbative approach. Finally, the influence of the carrier liquid upon the Mn spins is discussed. Here, either optical pumping or p-type doping may lead to a ferromagnetic order, both in bulk and layered structures. Because of a long-range character of the carrier mediated interactions, this ordering is not destroyed by the fluctuations, even in the reduced dimensionality systems.