Poland ratifies EU fiscal pact
March 1, 2013
President Bronislaw Komorowski
Poland's President Bronislaw Komorowski on Thursday signed the ratification document of the EU fiscal pact which increases public finance discipline of euro zone members.
Poland's lower house of Parliament – Sejm passed the bill allowing for ratification of the EU fiscal pact during a voting last week. The upper house Senate approved the bill the next day. Main opposition Law and Justice (PiS) said it would refer the pact to the Constitutional Tribunal as it "materially reduces Poland's sovereignty, without any justification for Poland's interests."
The Fiscal Stability Treaty was signed at an EU summit in Brussels in March 2012 by 25 EU member states. It enforces tighter budget discipline in euro zone countries by establishing new automatic sanctions.
Poland had no obligation to sign the treaty and it does not have to implement its principles until it adopts the common currency.