Seven years until the euro?
The country would be advised to wait at least another six to seven years before joining the euro-zone, Keith Price, president of Morley Fund Management - a member of the Commercial Union group - told business journalists in Warsaw. He argued it was essential to time the point of entry with extreme precision to avoid going in at an overvalued exchange rate.
"It would be premature to go in before 2009 or even 20l0, for fear of being locked into an exchange rate which might be far too high."
On the general proposition of joining the EU, Price - whose parent company has wide interests in the country, including pension fund management - said EU membership offered "a fantastic opportunity." But he was sceptical that joining an economic zone characterised by rigid labour and economic markets, especially in France and Germany, could be bad for the "spirit of entrepreneurship" he detects here.
When the Business Journal pointed out that the present government, in fact, closely mirrored those rigid models, which had induced high unemployment, Price said this reinforced the argument that what would benefit the economy most would be an economic model much more similar to the American one.
Prospects for growth in the country's key markets, such as Germany, were "rather poor" for 2003, and Commercial Union was not optimistic about a general equities recovery over the year.
Price also joined other pension funds in attacking proposals by the authorities to cap fees on their operations, which he said would act as a clear disincentive to competition and discourage policy sales.
"It would be premature to go in before 2009 or even 20l0, for fear of being locked into an exchange rate which might be far too high."
On the general proposition of joining the EU, Price - whose parent company has wide interests in the country, including pension fund management - said EU membership offered "a fantastic opportunity." But he was sceptical that joining an economic zone characterised by rigid labour and economic markets, especially in France and Germany, could be bad for the "spirit of entrepreneurship" he detects here.
When the Business Journal pointed out that the present government, in fact, closely mirrored those rigid models, which had induced high unemployment, Price said this reinforced the argument that what would benefit the economy most would be an economic model much more similar to the American one.
Prospects for growth in the country's key markets, such as Germany, were "rather poor" for 2003, and Commercial Union was not optimistic about a general equities recovery over the year.
Price also joined other pension funds in attacking proposals by the authorities to cap fees on their operations, which he said would act as a clear disincentive to competition and discourage policy sales.
