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Blog by Michael Clay

No Chance for Poland to Adopt Euro Before 2015 - GD ECFIN Official

Michael Clay - Sunday, November 15, 2009
No Chance for Poland to Adopt Euro Before 2015 - GD ECFIN Official

Poland will likely be able to adopt the euro only beyond 2015, a high official from the Directorate-General for Economic and Financial Affairs told PAP.

"Poland practically has no chances of entering the euro zone ahead of 2015," the official said. "It is a rather common opinion among economists and EU decision-makers.

Based on the EU autumn forecast, Poland will have problems with meeting the fiscal criterion in the next 2-3 years, the official stressed.

"The EC recommendation indicates that your country should decrease the general government deficit to 3% of GDP in 2012 - it is to some point possible but in our opinion it will be difficult and the opinion that Poland might want the EC to change its recommendation to at least 2013 is common," the official added.

The European Commission expects this deficit to stand at 6.4% in 2009, at 7.5% in 2010 and at 7.6% in 2011, in the absence of government actions regarding the fiscal policy.

First we are advised that 2012 will be the date for adopting the Euro and then 2015 and now we have a new target date of some time after 2015. When will Poland really be in a position to adopt the euro and how will this affect it's economy?

Will the Polish people really welcome the euro?, and perhaps see the costs of everyday life increasing as they have done in all other counties that have already adopted the currency.
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