Poland and single currency – not if, but when

National Bank of Poland (NBP) President, Sławomir Skrzypek, thinks that the issue of whether or not to join Eurozone has already been decided, and the question now is rather when to do it and not if.

In an interview with Radio Rzeszów, Skrzypek said that the intention to join the single currency was expressed in the accession treaty when Poland signed it.

He added that the report concerning the costs and benefits of joining the Eurozone, which is currently being prepared by NBP, may be of assistance when answering the question as to when Poland intends to adopt the euro.

The document should be completed by 2008. It is then that Poland, according to the announcements of the Ministry of Finance, should meet the fiscal convergence criteria and, as Skrzypek explained; it will be possible to make all vital decisions.

He also pointed out that Poland has already met inflation criteria.

In the NBP president’s opinion, the report – because of its significance – should balance all the pros and cons of joining the Eurozone.

Sławomir Skrzypek wants the NBP to trigger off a real debate about the issue and the assessment will be based on science, business and finance environments, as well as public opinion...

Since coming to office in January this year, Skrzypek’s more cautious approach to the single currency has differed from his predecessor, Leszek Balcerowicz, who wanted Poland to enter the Eurozone as soon as possible.

The government of Poland, however, has said that before taking the final decision they wish to have a referendum on the subjest before adopting the euro.
Source:thenews.p