Senior officials meet to discuss ways of drawing the zloty into the euro zone

The National Bank of Poland (NBP) and Finance Ministry officials have began to prepare a long term strategy on how to enter the euro. The strategy will outline both how to adjust the currency regime ahead of joining the euro, as well as fiscal policy plans for meeting the single currency entry criteria. Poland is expected to join the EU in 2004 and will seek euro membership within several years of accession. "It's too early to talk about the full details, we have just began work in the joint working committee. But the final document has to include the exact path that Poland will take to the euro zone," deputy central bank governor Jerzy Stopyra told reporters. Monetary Policy Council member, Boguslaw Grabowski said the committee should be able to work out a map toward the single currency by the end of August. Stopyra, as well as Finance Ministry officials said on Tuesday that there was no timetable for the committee's work. Finance Ministry spokesperson Marcin Kaszuba nevertheless informed journalists that the working committee will speed up work on a strategy for the zloty to enter the EMU. Following the appointment of Grzegorz Kolodko as Finance Minister, the new Deputy Finance Minister Ryszard Michalski and Andrzej Bratkowski NBP deputy president, were appointed as chairmen of the working group. Hungary recently revealed its strategy for joining the euro zone, creating an economic framework that will guide investors betting on the gradual convergence of bond yields between euro members and hopefuls. (Reuters) A.K.