Poland Needs to Adopt Euro More Urgently | ForexGen Latest News

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According to Regional Development Minister of Poland Elzbieta Bienkowska, euro should be adopted as soon as possible because zloty’s appreciation partially eliminates the value of the financial aid made by European Union and which is denominated in euro.

There is also a concern about the damage to the economic growth that may be caused by the rapidly strengthening national currency. Bienkowska urged country’s financial authorities to accelerate the euro adoption process:

Looking at the zloty exchange rate since Poland joined the EU, it seems obvious that euro adoption would be the most rational solution. It would enable us to avoid the risk created by the zloty’s strength, which may continue in the next EU budgetary period.

The Polish zloty rose 17 percent against the European currency since the country’s entry into European Union in 2004, affecting the real value of 12.8 billion euro of the financial aid received during the first two years.

Current government prefers to link zloty’s exchange rate to euro for the year or two prior to the actual adoption. Adopting euro requires also low inflation, budget deficit and public dept.

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