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Poland Backtracks on Euro Adoption
Date 19/05/2011 16:12  Author webmaster  Hits 1411  Language Global
19 MAY 2011

By Marcin Sobczyk | WSJ Blogs

Poland won’t necessarily adopt the euro in the foreseeable future, its finance minister said, backtracking on earlier unofficial targets. Finance ministry officials have earlier discussed the possibility of Poland joining the euro zone in 2014-2016.

Poland may not adopt the euro by the end of the next term of the president of the European Central Bank, which is set to end in 2019, Polish Finance Minister Jan Vincent-Rostowski said Tuesday.

Reporters in Brussels asked for his opinion on Mario Draghi, whom European Union finance ministers backed Monday to replace Jean-Claude Trichet as the ECB president. They suggested Mr. Draghi would be the ECB president to see Poland’s entry into the euro zone.

“He’s an outstanding economist,” Mr. Rostowski said of Mr. Draghi. “As to the second part of the question, we must change the constitution, so I don’t have this certainty.”

Poland’s constitution currently says the country’s central bank runs its monetary policy and its legal tender is the zloty. The constitution would need to be changed in this respect before Poland adopted the euro, which President Bronislaw Komorowski proposed last year.

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