Euro 2012 – Ukraine and Poland

October 17, 2007

Polish finance minister envisages euro in 2012

Filed under: Poland — Ivan @ 7:47 am

At a press conference on today, Tuesday, Finance Minister Zyta Gilowska stated that Poland is ready to embark on talks to join the Exchange Rate Mechanism 2 (ERM2) in 2009 with the euro possibly being introduced in 2012.

“Poland will be ready to join the mechanism in 2009, and if economic indicators don’t say otherwise, Poland will join the Eurozone in 2012”, Gilowska said.

The government today accepted the 2007 update to the Convergence Programme, which estimates that the sectoral deficit of government institutions will turn out at 3% of GDP.

Maastricht criteria state that government deficit may be 3% or less of annual GDP.

Earlier in the day the Chairman of the Polish National Bank (NBP) also stated that Poland’s entry to the ERM2 will be possible in 2009.

The present government has said that it expects to have a referendum on Poland joining the Euro zone before the Polish currency is given up.

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