Belka: Euro adoption may be a result of a crisis

"The euro adoption is a political decision, made by political leaders and not by economists, possibly as the effect of unexpected events or a crisis," head of the National Bank of Poland Marek Belka said during a meeting organized by the Bruegel think-tank in Brussels. "Economic factors play an important, but secondary role," he added. According to Belka, the structure of Polish economy does not pose a threat to Poland in the eurozone. "We are far from ideal. However, the real problem is a situation in the eurozone itself," he said. Despite undertaken reforms, the problems of the monetary union remain unsolved. Belka admitted that Polish banks are eager to join the banking union, because they expect that the Frankfurt-based watchdog would be less strict than the Polish one. "This is why we do not want to join the banking union," Belka conluded.