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The Warsaw Voice » Business » June 17, 2005
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RPP member is clueless
June 17, 2005   
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FX volatility may be hurting investments, hence a prompt euro adoption is necessary to eliminate FX risk, Monetary Policy Council (RPP) member Andrzej Slawinski told a seminar Thursday.

"The decline in the country's investment risk also brought about unfavourable side effects, that is, the zloty became a favourite toy of global investors to an even greater extent," Slawinski said.

"We are faced with very high FX rate volatility, which may be one of the factors unfavourably influencing investments," he added.

"Taking into account what happened within last year, it's apparent that we should be heading for a fast entrance into ERM2 and later the Eurozone in order to eliminate FX risk," he added.

"Zloty volatility, in the case of Poland, is more a source of shocks to the real economy than it is a protection for the economy," the rate council member said.

At the same time Slawinski praised Poland's EU entry.

"For the capital markets the most important effect of [Poland's] EU accession was a decline in country's investment risk, which allowed for a cutting in the cost of capital," he said.
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