Poland refrains from setting date for euro adoption until 2015
February 27, 2013
Poland's President Bronislaw Komorowski and PM Donald Tusk
The Polish government will now focus on preparing the country to enter the European Monetary Union and will make a decision about single currency adoption in 2015, President Bronislaw Komorowski and Prime Minister Donald Tusk said following a special government sitting headed by Komorowski.
"We will focus on meeting these criteria which depend on Poland so that we can make the decision after the elections in 2015," Komorowski said.
"The year 2015 is probably a good moment to say we are ready," PM Tusk said.
Poland thus delays setting a date of eurozone entry, investing its efforts into necessary preparations instead.
"I propose to resign from setting any dates of Poland's filing for euro zone membership and instead we should set a date of being ready for the membership, meeting the Maastricht criteria," Komorowski said. "I think that 2015 is a realistic horizon for these actions."
"The government's task is to prepare Poland relatively fast for meeting the Maastricht criteria," the PM said. "We are all 100% convinced that a country which complies with the Maastricht criteria is economically and financially a healthier country."
The most important criterion, the fiscal criterion assuming a general government deficit below 3% of GDP, should be met even ahead of 2015, Tusk said.
The President, on the other hand, said that Poland should not only comply with the Maastricht criteria but also focus on lowering the level of unemployment and increasing the competitiveness of the Polish economy before taking the final decision.
The final decision will depend on "a deep conviction that it is safe for Poles, that it will have a positive impact on prosperity in Poland," the PM said. "It is a rule that we and our successors should follow without making any compromise."
Poland has launched a discussion on adopting the common currency at the occasion of approving the EU fiscal pact which sets rules of stricter fiscal discipline in national budgets to prevent a new debt crisis in the euro zone in the future.