FM sets out its stall
The Ministry says it will need six months to prepare for at least two years of mandatory membership in the pre-euro ERM-2 currency regime. It would take another six months for the European Central Bank and the European Commission to assess whether Poland qualified for membership and for the EU finance ministers to decide when it can join the euro area.
In a document that reviews all technical aspects of Poland's progress towards the euro, it says: "About three years must pass between the strategic decision by national authorities about joining the eurozone and adopting the common currency.
The outgoing government said Poland should meet all eurozone membership criteria, including the crucial budget-deficit limit of three percent of GDP, in 2007 and that euro adoption would be possible in 2009. But the timetable will depend on the new government formed after elections on September 25 and the Ministry's document gives no specific dates or targets.
One key decision will be when to peg the zloty to the euro in the ERM-2 grid. Some officials have said it could happen as early as April next year, but several economists and some central bankers are skeptical and say 2007 is the earliest possible date. (Reuters)
In a document that reviews all technical aspects of Poland's progress towards the euro, it says: "About three years must pass between the strategic decision by national authorities about joining the eurozone and adopting the common currency.
The outgoing government said Poland should meet all eurozone membership criteria, including the crucial budget-deficit limit of three percent of GDP, in 2007 and that euro adoption would be possible in 2009. But the timetable will depend on the new government formed after elections on September 25 and the Ministry's document gives no specific dates or targets.
One key decision will be when to peg the zloty to the euro in the ERM-2 grid. Some officials have said it could happen as early as April next year, but several economists and some central bankers are skeptical and say 2007 is the earliest possible date. (Reuters)
