FinMin: Poland fulfils no convergence criteria required for euro-zone.

By bne IntelliNews October 10, 2012
Poland failed to fulfil any convergence criteria required of bidders for the euro-zone, the ministry of finance said in its monthly Nominal Convergence Monitor. Poland's HICP inflation is 4.0% y/y vs. the reference value of 3.0%, its long-term interest rate is 5.5% vs. the reference rate of 3.7%. The fiscal criteria remain unfulfilled as Poland is still under the excessive deficit procedure. It does not fulfil the FX criterion as it has not entered exchange rate mechanism ERM2 yet. When 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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