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The Warsaw Voice » Business » July 14, 2005
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Poland not taking wait-and-see approach on euro
July 14, 2005   
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Poland could join ERM II in 2007 and should head towards euro zone membership as soon as possible, i.e in 2009, as inflation perspectives are positive for such decisions, Monetary Policy Council (RPP) member Marian Noga told PAP in an exclusive interview.

"Poland has a chance to join ERM II in 2007," Noga believes. "Some claim that a sooner entry is possible, but I doubt it."

"I am an advocate of the quickest possible euro zone entry," he added. "We should be in the euro zone in 2009."

Inflation perspectives seem positive for quick euro adoption.

"New inflation projection will show inflation within the RPP target [2.5% +/-1 pp,.] in 2006 and 2007," Noga said. "But it will be rather closer to 1.5% than 2.5%."

The problem of an optimal euro zone entry FX rate cannot be solved at the moment, the rate setter believes.

"The FX rate that would keep export and import in balance is at about EUR/PLM 4.1-4.2, but we do not know what it will be in 2007," Noga said. "So it is difficult to talk about the equilibrium rate before ERM II entry."

Poland's major opposition party, the Civic Platform (PO) vows for a quick ERM II entry, even in mid-2006. It also calls for quick euro zone entry. Its likely coalition partner Law and Justice (PiS) is more reluctant to euro zone entry and prefers to postpone this moment until the next term of Parliament.
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