PM: Poland not to sign fiscal pact if it cannot join euro-zone summits .

By bne IntelliNews January 19, 2012
Poland is still in talks on gaining a status that will allow it to participate in the euro-zone's summits (without voting right) and it will sign the European Union's new fiscal pact depending on the results of these talks, according to a statement by PM Donald Tusk. A few days ago, media reported, citing unofficial sources, that since several euro-zone member states do not want to allow non-zone members to participate in the single currency area's summits even if these countries sign the new fiscal treaty, Poland has "serious doubts" on whether to sign the treaty. The final decisions are expected at the end of January. The EU summit in Brussels ended in December with 26 out of the EU27 member-states, including Poland (but excluding Britain), agreeing to sign a new "fiscal compact," a pact aimed at streamlining fiscal austerity within the organization. Under the agreement, the rules governing the excessive deficit procedure will be reinforced: as soon as a member state is recognized to be in breach of the deficit ceiling of 3% of GDP by the European Commission, there will be automatic consequences unless a qualified majority of euro area member-states is opposed.

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