Author Topic: Poland: 'We Still Want Euro'  (Read 5355 times)

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Offline Bimat

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Poland: 'We Still Want Euro'
« on: October 21, 2011, 06:19:34 PM »
Poland still wants euro, central bank head says

By VANESSA GERA
Associated Press

WARSAW, Poland
The euro has proven "a great success" despite the debt problems gripping some countries that use it, the outgoing head of the European Central Bank said Friday. A top Polish financial official, meanwhile, insisted his country remains keen on adopting the currency.

The optimism expressed by ECB head Jean-Claude Trichet and Poland's central bank chief Marek Belka comes amid growing concern about the viability of the euro due to the financial problems gripping Greece, Italy and Spain and other European nations.

"The euro as a currency is a great success indeed," Trichet said during a conference in Warsaw organized by the National Bank of Poland. He said the currency remains credible because "it is backed by remarkable fundamentals."

Trichet, who is retiring, has often argued that what Europe is seeing is not a crisis of the euro currency, but one of government finances. He repeated that view in Warsaw, saying that times are difficult and that governments must work hard to get their finances in order.

He also defended a new bailout for Greece that requires more restructuring, calling it "the best way to get sustainable growth and job creation."

Belka said that although it is impossible to ignore the crisis in Europe, "Poland remains strongly committed to joining the euro area." But he added that "it wouldn't be wise to determine a specific date" at this point, though Poland must continue to prepare itself for the eventual change.

Several years ago Poland had set 2012 as its target date for switching its zloty to the euro, but then began speaking of 2015 as troubles in Greece and elsewhere deepened. More recently, however, officials says it's impossible to set specific date and that they want to see stability return first.

Poland also does not yet meet many of the criteria for joining, with its high budget deficit among one of its key problems.

Belka said a recent proposal floated by Russian Prime Minister Vladimir Putin for a "Eurasian Union" of former Soviet nations attests to the success of the 27-member European Union, which is now an "example" for other parts of the world.

"It shows how contagious the idea of the European Union is," Belka said. "We should be satisfied and proud."

Source: Seattle Times
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline chrisild

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Re: Poland: 'We Still Want Euro'
« Reply #1 on: October 21, 2011, 07:18:17 PM »
Let's keep in mind that the current six months (Jul-Dec 2011) are the time of the Polish EU Presidency. It would be strange for the "presidency country" to not say that they are committed etc. etc. ;)

Christian

Offline andyg

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Re: Poland: 'We Still Want Euro'
« Reply #2 on: October 21, 2011, 07:27:39 PM »
Let's keep in mind that the current six months (Jul-Dec 2011) are the time of the Polish EU Presidency. It would be strange for the "presidency country" to not say that they are committed etc. etc. ;)

Christian

I dunno, that's the UK position even when we have the presidency ;D
always willing to trade modern UK coins for modern coins from elsewhere....

Offline chrisild

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Re: Poland: 'We Still Want Euro'
« Reply #3 on: October 21, 2011, 07:47:46 PM »
Oh well, there are people who join a club simply to be a spoilsport, and those who would not leave a club that they are not interested in as it is so much more fun to stay in and be obnoxious. ::)

When it comes to Poland, however, I believe that the current Polish government is indeed committed to what could be called the European idea. And, well, I am fairly sure it bugs them that the country is not, or not yet, involved in euro "inner circle" debates and decisions. But as I wrote, the fact that they have the Presidency will also influence what the government and the central bank president say. Besides, as the article says, Trichet is about to retire, the term ends in ten days (his successor will be Mario Draghi), and he has been through rough times lately anyway. Time for kind words. :)

Christian

Offline Figleaf

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Re: Poland: 'We Still Want Euro'
« Reply #4 on: October 22, 2011, 12:41:33 PM »
I agree with that analysis, but wonder if the Polish political leaders have looked behind them lately while marching ahead to see if anyone was following them.

As for being taken seriously, the secret is simple: be prepared to give and take. Those who come to Brussels to take and take are ever so politely being ignored. It took the French almost two decades to find the secret and the British by and large still haven't got it. Why should the Poles be quick studies?

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

translateltd

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Re: Poland: 'We Still Want Euro'
« Reply #5 on: October 23, 2011, 07:05:02 AM »
Those who come to Brussels to take and take are ever so politely being ignored. It took the French almost two decades to find the secret and the British by and large still haven't got it.
Peter

First I've ever heard of the British being "takers" when it comes to Europe.  Being "taken", maybe ...


Offline chrisild

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Re: Poland: 'We Still Want Euro'
« Reply #6 on: October 23, 2011, 11:18:20 AM »
Sure, they were forced to join the EEC, and to be co-founders of the EU, and now are forced to stay. Poor Brits. Except it was certainly not the EUropeans who forced them to get in. Similarly, the decision or initiative to finally get out would have to be taken by the UK government. But I guess they are too busy griping, or maybe hoping that the EU will implode and that Europe goes back to the "good" old days of bilateral alliances.

As for Poland, the government of PM Donald Tusk sure has a different approach, if we compare his position regarding the EU and that of his predecessor Jarosław Kaczyński (along with his brother Lech, the former president). And Marek Belka is not "only" a central banker but has had various jobs in the Polish government and also in the IMF before. As for Poland and the euro, he has stated several times (and I think this is the government position too) that joining the currency union is, at this time, not exactly an economically attractive option for Poland and would not make sense now. Thus no more "target dates". But both Belka and Tusk have also said that Poland should not, out of some political principle, stay out of a functioning currency union.

Christian

Offline <k>

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Re: Poland: 'We Still Want Euro'
« Reply #7 on: October 23, 2011, 03:37:16 PM »
It is often the case that a country's beautiful coin designs are lost forever and then replaced by rubbish when they join the euro: think of Malta, Slovenia, and most notoriously of all, Ireland. But Poland has nothing to lose. Join, go on join! Your circulation coin designs are probably the most boring in Europe. A Polish euro series could only be an improvement, even with that trashy circle of stars.  ;D

Offline chrisild

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Re: Poland: 'We Still Want Euro'
« Reply #8 on: October 23, 2011, 04:28:29 PM »
I am sure there are excellent reasons for turning a topic about Poland into yet another one about the UK. ;) And people who have nothing but contempt for symbols can of course trash them. But I am also fairly sure the Living Room is a much better place for some of these posts. Was a little tough to split, but I hope you are OK with it ...

Christian

Offline <k>

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Re: Poland: 'We Still Want Euro'
« Reply #9 on: October 23, 2011, 04:40:38 PM »
I am sure there are excellent reasons for turning a topic about Poland into yet another one about the UK. ;) And people who have nothing but contempt for symbols can of course trash them. But I am also fairly sure the Living Room is a much better place for some of these posts. Was a little tough to split, but I hope you are OK with it ...

Christian

About the UK? Wotchoo on about? I didn't mention it once.  8)

> I hope you are OK with it ...

Oh, anathema, anathema!  ;D

Offline <k>

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Re: Poland: 'We Still Want Euro'
« Reply #10 on: October 23, 2011, 04:46:44 PM »
And people who have nothing but contempt for symbols can of course trash them.

Christian

I'm sure my fellow iconoclast Figleaf is OK with that. Why, he ADORES the French Revolution. And we are both modernisers too. Just look at my position on English spelling reform: so radical, no one will touch it!

Offline chrisild

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Re: Poland: 'We Still Want Euro'
« Reply #11 on: October 23, 2011, 04:55:09 PM »
Hey, what did I come across?!

Poland praised for Euro 2012 preparations

Yes, an article published just a few days ago. Wow, 2012? I had no idea! But, wait ...
http://www.wbj.pl/article-56474-poland-praised-for-euro-2012-preparations.html

 ;D Christian

Offline Figleaf

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Re: Poland: 'We Still Want Euro'
« Reply #12 on: October 23, 2011, 05:19:16 PM »
Har har har. Can't trust those Frenchies, especially if they have Italian names. Platini, Sarkozi, Bonaparti...

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Bimat

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Poland: 'We Still Want Euro'
« Reply #13 on: December 15, 2012, 02:10:33 PM »
Poland could adopt euro in 2016: presidential adviser

WARSAW | Sat Dec 15, 2012 7:41am EST

(Reuters) - Poland could adopt the euro as soon as 2016, the president's adviser said on Saturday, encouraging the government to take bolder action to prepare for possibility of joining the shared currency.

The largest member of the EU's emerging east has so far treated euro entry as a distant prospect. But top officials now fear they could be left out of what they see as Europe's core as the euro zone gets to grips with the three-year debt crisis.

"According to calculations carried out at the President's Chancellery, January 1 2016 is a realistic date for Poland's accession to the euro zone," Roman Kuzniar told radio RM FM.

"We must remember that the later we do it, the harder it will be, because the euro zone will have built itself up. There will be more criteria and more treaties to ratify in order to enter it in five, six or seven years."

Prime Minister Donald Tusk said on Friday that while actual adoption would still take years, the opportunity may "float away" if Poland did not take a decision in the coming months.

Part of Warsaw's concern is that the euro zone has begun to make far-reaching decisions to steady itself against the crisis.

Such moves include this week's EU decision to give the European Central Bank new powers to supervise banks.

Poland, the European Union's seventh-largest economy, is the only member to have avoided recession in the wake of the global financial crisis.

But that is in large part thanks to a huge weakening of its currency as the global crisis took off in late 2008, making its exports more competitive in international markets.

Convincing the country to give up that advantage will be no easy task. Polls show less than a third of the public favor abandoning the zloty for the euro, and the government will also have a hard time winning support from the opposition to push through the required constitutional changes.

(Reporting by Maciej Onoszko; Editing by Hugh Lawson)

Source: Reuters
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Figleaf

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Re: Poland: 'We Still Want Euro'
« Reply #14 on: December 15, 2012, 02:23:06 PM »
Part of Warsaw's concern is that the euro zone has begun to make far-reaching decisions to steady itself against the crisis.

Such moves include this week's EU decision to give the European Central Bank new powers to supervise banks.

AH! So that's what the hurry is all about. They have an obligation to join and they want to stop the ECB getting more power, just when it's clear to everyone else that this is what is needed to prevent administrative foul-ups like Greece. For a moment, I thought the arch-conservatism of Poland didn't match the forward-looking rhetoric. Keep them out, Draghi! Let them join the pound! :)

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.