Poland Unlikely to Adopt Euro Before 2015
Sunday, 24 July 2011

It is very unlikely that Poland will be introducing the euro soon, Polish Finance minister Jacek Rostowski said in a recent interview on Radio Tok FM.

According to Rostowski, Poland won't join the Eurozone until the end of the European Parliament's next four-year term - the next Parliament will be elected 9 October 2012, which will mean not before the end of 2015.

The government in Warsaw says that joining the Eurozone is still one of Poland's long-term strategies, however the monetary union must first overcome its debt crisis and Poland must achieve convergence criteria to enter the third stage of European Economic and Monetary Union (EMU).

Opinion surveys show that at its upcoming election Poland's present leading party The Civil Platform are set for victory, with party leader Donald Tusk strongly in favour of adopting the euro.

Warsaw wanted to join the EMU in 2012, but the global financial crisis has delayed Poland's switching to the euro. To give up its zloty currency, Poland has to lower its budget deficit to less than of 3% of GDP. Last year, the public finance deficit was 7.9% of GDP. Rostowski believes that Poland can accomplish this by the end of 2012.


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