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CEE markets unmoved by euro timetable: Unicredit

Central’s Europe timetable to adopt the euro slipping should have little impact on the region’s financial markets, Willi Hemetsberger, head of global markets for UniCredit, told Reuters on Tuesday.

Speaking at the Reuters Central European Investment Summit, Hemetsberger said later adoption of the single currency in the region was not a big issue given its integration into the European Union and its structures. “They (candidates in central Europe) all have credible central banks now, they are all well-anchored in democratic politics, they have, for the most part, sensible finances,” Hemetsberger told Reuters.

“So this is not something that is on the mind of the market anymore.” Poland, the Czech Republic, Slovakia and Hungary joined the EU in May 2004, and immediately set their sights on quick entry to the euro zone, which they see as beneficial for increasing trade as they integrate their economies with the richer west. But the initial euphoria has given way to the realities of trying to tighten budgets, controlling inflation, and stabilizing currencies and interest rates while allowing their economies to converge with older EU members. (The full text of the story)