NBP's Belka: Poland's joining euro-zone attractive in political, but risky in economic terms

By bne IntelliNews May 22, 2014

The scenario of Poland's joining the euro-zone may seem interesting from political point of view, but it is very risky in economic terms, according to governor of the National Bank of Poland (NBP) Marek Belka.

Speaking in London, he stressed that the Russian-Ukrainian crisis has weakened the arguments of national sovereignty, mentioned by those who opposed Poland's taking on the euro.

The central banker argued that as long as the euro-zone is in the rebuilding mode and economic revival in Western Europe may be reversed, enthusiasm for Poland's joining the zone is not large in the country. But we do not say we will never join, he concluded.

In March, Belka said that the current crisis in Ukraine shows that it is worthwhile to additionally invest in the European Union and possibly also have another look at the question of Poland's joining the euro-zone. Earlier, Belka he has long been arguing that Poland should not join the euro-zone in the foreseeable future, especially as he sees this move's pre-requisite - ERM II - as dangerous.

When Poland joined the European Union in 2004, it obliged itself to take on the euro, but with no time restraints.

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