A balancing system for balancing respective voltages of N consecutively connected capacitors during charging or discharging includes balancing units, each having a pair of associated switches and an electromagnetic coil. An inter-switch junction is connected to an inter-capacitor junction of a corresponding group of capacitors through the electromagnetic coil. A control and generation circuit generates PWM control signals and transmits a generated PWM control signal to each of the switches. The PWM control signals have fixed duty cycles that do not vary temporarily during charging or discharging of the N capacitors. The duty cycles of two PWM control signals transmitted to two associated switches are complementary for each balancing unit.