FinMin: Poland fulfils merely one criterion for euro adoption.

By bne IntelliNews March 19, 2012
Poland continues to fulfill merely one criterion required of countries willing to adopt the euro, according to FinMin's report, based on January data. Poland fulfilled the interest rates criterion - its average long-term interest rate in the last 12 months amounted to 5.9%, i.e. it was by 1.8pps below the reference level. The country did not fulfill the price stability criterion (its 12-month average HICP was 3.9% vs. the reference rate of 3.1%) as well as the criteria related to FX regime (Poland is not engaged in the ERM 2 mechanism) and fiscal issues (Poland is subject to the excessive deficit procedure). In January, FinMin said that due to markets' instability, it ceases to present information on wen the market is discounting Poland's euro-zone entry, based on valuation of financial instruments. Poland joined the European Union in 2004, it obliged itself to take on the euro, but with no time restraints. The current government, which initially targeted joining the euro-zone in 2011-2012, now avoids declaring a new target date.

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