The euroboat is sailing

The economic situation in Poland is much better than in other new EU states, but Poland has not yet set a date for introducing the euro.

Poland should join the eurozone as soon as possible, according to the National Bank of Poland (NBP). The country is meeting a number of entry criteria, with low inflation and a relatively small current-account deficit. "As macroeconomic indicators are concerned, conditions are excellent for Poland to enter the eurozone," says Jerzy Pruski, deputy president of the NBP. "Delaying the decision wastes the opportunity, which may never arise again."

Jarosław Pietras, Secretary of State at the Finance Ministry, claims that the government must first tackle the problem of the excessive budget deficit. "If we set up a date, we would issue a false promissory note," he says. Pietras adds that Poland could start thinking about entering ERM2 in 2009, as by that time all criteria should be met.

Maciej Krzak, chief economist with Société Générale Corporate and Investment Banking, believes that with the current convergence program it will be impossible for Poland to join the euro, as the deficit will start to balloon due to the rising costs of pension reform. Krzak forecasts that Poland will probably enter the eurozone in 2012 or 2013 and only on the condition that the skeptical attitude of the government changes.

The Czech Republic and Slovakia will join the euro in 2009 and 2010 respectively, while Hungary may do so later than Poland, as it has serious problems with meeting convergence criteria.

Katarzyna Marcinkowska