Balcerowicz dampens hopes of rapid adoption of the euro

The Financial Times Deutschland said that Balcerowicz effectively ruled out early membership of the Exchange Rate Mechanism (ERM-2), which precedes switching over to the euro. "A precondition for ERM-2 membership is a clear perspective for bringing public finances into a healthy state," Balcerowicz said in the interview. Economy Minister Jerzy Hausner has brought austerity legislation to Parliament but more will need to be done. It is a first step in the right direction. What we need is quick preparations for quick entry into the euro zone," added Balcerowicz. The government is aiming to adopt the euro from 2008, but countries must participate in ERM-2 and keep their currencies stable against the euro for at least two years to qualify to join the single currency. (Puls Biznesu, p. 3) A.Z.