FinMin: Poland fulfils no euro-zone entry criteria as of June.

By bne IntelliNews August 8, 2012
Poland fulfilled none of the criteria for the euro adoption in June, according to a report by the finance ministry. The price stability criterion was overshot (HICP inflation at 4.0% vs. the reference value of 3.0%); Poland's long-term interest rates were also too high (at 5.6%, i.e. by 1.7pps above the reference level). Also 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) were not met. The ministry said that it expects Poland to wind up its excessive deficit procedure in Q2 of 2013. 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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