Poland not ready for EU, more reforms needed
Poland not ready for EU, more reforms needed
Poland needs to carry out more structural reforms aimed at increasing its competitiveness before entering the EU single currency bloc, and just meeting the formal entry criteria is not enough to gauge if it is ready for such an important step, Finance Minister Jan Vincent Rostowski said Thursday.
The minister added he cannot imagine Poland in 10 yrs being squeezed with its own currency between a more integrated and reformed eurozone and Russia.
“Looking at the past it is clear just meeting Maastricht criteria is insufficient to determine if a country is not entering prematurely,” Mr. Rostowski told Tok FM radio. “We need to have more structural reforms [...] improve competitiveness and have safer public finances.”
During its accession to the European Union Poland obliged itself to adopt the single currency, but did not specify when such a move will take place. Due to the ongoing financial crisis in the bloc the number of Poles supporting such a decision dropped significantly.
Mr. Rostowski reiterated Poland will adopt the euro only after the single currency bloc reforms itself and strengthens institutions aimed at preventing crises in the future.
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