Poland Won’t Adopt Euro by 2016

Poland Won’t Adopt Euro by 2016
# 21 February 2012 14:26 (UTC +04:00)
Baku - APA-Economics. The euro has lost some of its shine for Poland, which is why the country won’t enter the European Union’s single-currency bloc by 2016, said Poland’s central bank governor Marek Belka.

In excerpts from an interview posted by the central bank on its website Monday, Mr. Belka said “no one is eager” to replace the zloty with the euro, and that his country won’t adopt the euro during his term of office, which ends in 2016. Considering the euro’s crisis, Poland “isn’t irrational” in dragging its feet to join the euro area, he added.

“Today, the euro’s attractiveness for Poland is somewhat smaller, although it should be kept in mind that economic and political costs of remaining outside the euro zone are considerable,” he was quoted as saying.

Poland is obliged by its EU accession treaty to eventually join the euro zone. It has no accession target, however, and doesn’t currently meet most of the euro entry criteria, including limits on government deficit and currency volatility.

Poland’s currency is an attractive target for speculation, while its volatility is bad for the economy, Mr. Belka also said. The currency is volatile mainly due to Poland’s need for external financing, he said.
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