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.

Related Articles

EC refers Poland to court for delay on renewable energy rules.

The European Commission is referring Poland (and Cyprus) to the Court of Justice of the European Union for failing to fully transpose EU's Renewable Energy Directive, according to the ... more

ZEW Economic Sentiment Indicator for Poland surges to 42.9pts in February.

The ZEW-Erste Group Bank Economic Sentiment Indicator for Poland (economic expectations) surged by 22.3pts m/m to 42.9pts in February, according to a report by the Center for European Economic ... more

FinMin: Poland to inject EUR 5.5bn of FX reserves to ECB upon euro-zone entry.

When Poland joins the euro-zone, it will have to transfer EUR 5.47bn of its foreign-currency reserves to the European Central Bank, according to a statement by the ministry of finance. The ... more

Dismiss