Poland wary of joining euro in a hurry

Poland’s new government will not seek to join the euro in the near future, Finance Minister Pawel Szalamacha said in Berlin yesterday.

At a joint news conference with the German and French finance ministers, Mr Szalamacha said the crisis surrounding the 19-member euro zone had left his ruling Law and Justice Party “fundamentally disillusioned” about joining the European Union’s common currency.

“It is no secret that neither the previous government nor our government is treating a fast accession to the euro as a priority,”

Poland’s decision to retain its own currency, the złoty, has allowed Poland to fare well during the euro zone crisis and Mr Szalamacha is not willing to allow Poland’s economy to lose this great advantage.

“Our government doesn’t consider the euro accession a priority because we don’t want to give away one instrument: the exchange rate as a buffer in difficult times,”

Poland, a member of the European Union since 2004, is obliged by the terms under which it joined the EU to adopt the euro, although no deadline has been set.