Poland sets 2011 as target date for euro zone entry

Interview

Addressing an economic forum in Krynica (southern Poland), Prime Minister Donald Tusk expressed hope, that the EU procedures that are required for euro zone entry, notably a two-year period of economic stability, will be fulfilled.

“Meeting the 2011 target will be a difficult task but possible to realize,” the prime minister said. Following Tusk’s announcement, the Polish currency strengthened slightly against the euro and the dollar. Earlier this week, the government approved the draft budget for next year. It provides for a GDP growth of 4.8% and annual inflation at 2.9%. Curbing inflation is the main condition for joining the euro zone.

Poland will start work on the euro adoption timetable and strategy “in the very near future,” Finance Minister Jacek Rostowski said according to Bloomberg.

A member of the central bank’s Monetary Policy Council, Dariusz Filar, said that in order to meet the 2011 date, inflation will have to be brought down below the reference level. This will demand restrictive monetary policy, he stressed. (Poland.pl)

 

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