Poland still needs to prepared before euro adoption - FinMin

Poland needs to work on improving its competitiveness before joining the euro zone to make sure it benefits from the adoption of the common currency, Finance Minister Mateusz Szczurek told web portal wnp.pl. When asked if Poland should enter the euro zone, Szczurek said that it should, “but only when we are ready, when we meet the criteria in a sustainable way and when the euro zone passes effective institutional reforms.” However, he said that, “Poland is already better prepared to operate in the euro zone that many of the countries that already use the common European currency,” Szczurek said. Even though the euro is less attractive than it was several years ago, Poland’s adoption of the currency is a mandatory requirement of Poland’s EU membership. “Joining the euro zone in itself is no longer a trampoline to the status of a stable, developed economy – we have already become one,” Szczurek said. He also added that in order to comply with legal criteria for adopting the euro, Poland will need to amend its constitution, which will require all major parties to work in unison. “Because of the risks related to implementing the constitutional changes while Poland is in the ERM II, we have declared that a political agreement on the matter must be reached before the złoty enters the mechanism,” the minister said. “However, building the agreement is not a priority right now, as strengthening Poland’s potential and competitiveness must take priority, to ensure that introducing the euro will be beneficial for Poland,” he added.