The portal asked the ministry headed by Andrzej Domański, among others: When could our country possibly join the euro zone? And when will he be ready for it? The Ministry of Finance reminds that “Poland is obliged to adopt the common currency after meeting the convergence criteria resulting from the Maastricht Treaty.”
When is the euro in Poland? The Ministry of Finance responds
The response of the Ministry of Finance shows that one day we will definitely have a European currency, but it will not happen soon. The ministry emphasizes that “safe adoption of the currency requires achieving an appropriate level of nominal and real convergence and a satisfactory level of preparation of the economy for the restrictions related to the introduction of the euro in economic policy, in particular in monetary policy.”
The ministry led by Andrzej Domański further mentions that the condition for setting a reliable date for Poland’s adoption of the euro is the stabilization of the economic situation, because this, in turn, is “necessary for a reliable assessment of the prospects for meeting the convergence criteria.” According to the ministry, Poland is not yet ready to adopt the euro and adds that criteria such as price stability, interest rate stability and exchange rate stability remain unfulfilled. “However, the recovery of the economy from the difficult period that we have experienced in recent years will be characterized by improved macroeconomic stability and, as a consequence, will bring closer the prospect of meeting the nominal convergence criteria and increasing the degree of real convergence of Poland with the euro area,” the ministry adds.
Glapiński is against Poland’s entry into the euro zone
In January this year, the president of the National Bank of Poland announced the time frame in which Poland would be ready for this. During one of the press conferences, Glapiński presented data on the cumulative growth of Poland’s real GDP from the first quarter of 2004 to the third quarter of 2023 and compared them with data from other countries and the euro zone. In the case of Poland, this indicator was 104.2 percent. Next on the list was Slovakia (84%), then Lithuania (79.4%), Latvia (53.1%), Estonia (53%), Slovenia (48.8%) and Croatia (40%). .). However, the last place in the data prepared by the NBP was taken by the euro zone, for which the cumulative growth in real GDP amounted to 23.5%. – These are dry data. Please see the euro zone and Poland. We are swallowing this distance to the euro zone, to the richest countries. I’ve said it many times. If nothing changes in our dynamics, in 8-10 years we will be at the level of today’s France and today’s England. They will then be a little higher or lower, because things are different there too – analyzed the president of the NBP. In his opinion, only then will it be possible to discuss the introduction of the euro in Poland. – At the moment, it would be a huge loss of development dynamics. (…) Adopting the euro now would slow down our economic development. We would stop catching up with these rich countries, argued Glapiński.
Source: Gazeta
At 247 News Agency, Jason has covered a wide range of topics, from politics and business to crime and entertainment. He is highly respected by his colleagues and peers, and his articles are widely read and shared. With a passion for news and a commitment to accuracy, Jason Root is a valuable asset to the 247 News Agency team.
