Poland gets closer to implementing euro

MAG
08-05-2008, 15:38

Warsaw (Puls Biznesu) – Slovakia is about to  implement euro. ECB report suggests that Poland may be the next one. Economists are not that optimistic.

 

Poland is one of the three EU countries which have not entered EMU while their economic indicators, i.e. debt, deficit, inflation and interest rates, allow to adopt euro. Only Sweden and Slovakia meet all these criteria next to Poland, the report of the European Central Bank says. Sweden does not want to join EMU while Slovakia got approval from the European Commission to do it and – provided that EU finance ministers say ‘yes’ – may do this on January 1st 2009.

 

Economists believe it’s not so easy for Poland to be the next one in the row.

“Inflation stays within the required range but it will be so high in upcoming months that it will exceed the level. Forecasts say that prices will stop next year but the risk will still be big”, Marcin Mroz, Fortis Bank chief economist said

“Low debt and deficit of state and local entities to the GDP is the result of high GDP growth. But the indicators may deteriorate in upcoming years. Global economic slowdown may adversely affect Poland”, Piotr Bielski from BZ WBK explained.

ECB knows it and suggest changes in tax law plus reduction of spending.

© ℗

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