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Poland has ‘no interest’ in joining eurozone in next 10 years: central bank head

PR dla Zagranicy
Paweł Kononczuk 31.05.2017 12:11
Poland and other newer members of the European Union are sceptical about the Economic and Monetary Union (EMU) and about calls for deeper integration in the bloc, Poland’s central bank chief has written in The Financial Times.
Photo: pexels.comPhoto: pexels.com

"Further development of the economic and monetary union is on hold," Adam Glapiński wrote in an article published in the Tuesday edition of the newspaper, saying that "all the ideas, including those from Paris, about accelerating EU integration are no more than a pipe dream."

"No major member state is willing to give up decision-making power over vital issues of taxation and spending," according to Glapiński, governor of the National Bank of Poland (NBP).

Glapiński observes in his article that "the EU member states outside the economic and monetary union are in no rush to join the euro." He also argues that "it’s hard to imagine a landmark event that would reverse this reluctance for greater economic integration."

According to Glapiński, "Central and Eastern European states that joined the EU in the 2000s initially saw euro membership as a badge of honour,” but “then the sovereign debt crisis destroyed any belief that the euro area is a New Jerusalem. And most new members wrote the single currency out of the monetary script."

Glapiński also writes in the FT that "Warsaw has signalled that in the next 10 years it has no interest in joining.”

"Some purists say remaining outside EMU without an opt-out breaches the European treaty," Glapiński notes, cautioning that "the EU leadership must know it would be foolish to force a country to meet treaty obligations against the will of its own people.” (str/pk)

Source: FT, PAP

tags: economy, eurozone, NBP
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