Brussels, 29/10/2008 (Agence Europe) - Polish Prime Minister Donald Tusk has unveiled the roadmap for his country's accession to the euro in 2012. The roadmap, which was adopted by the Polish government on Tuesday 28 October, has been submitted to Polish President Lech Kaczynski. Tusk, who, at the start of September, was talking about joining the euro in 2011, said it might still be possible to join the euro at the end of 2011. However, it will be 2012, since the date for joining is always 1 January of the year of accession. Kaczynski, who wants a referendum on joining the euro (although such a measure would not call into question the obligation subscribed to on joining the EU to join the single currency as soon as the necessary conditions were met), said on Tuesday that he was “ready to discuss the issue”. He went as far as to say that it was “good that there was such a prospect and that our partners realise it”, because “it stabilises our situation”.
To become part of the euro area, Poland will have to meet the Maastricht criteria by the end of 2011, something that seems very possible. This means it will have to keep its budgetary deficit below 3% of GDP and debt under 60% of GDP (the Commission's forthcoming autumn economic forecast will give more information), keep inflation under control and ensure long term interest rate convergence. Warsaw will also have to have been part of the Exchange Rate Mechanism (ERM II) for at least two consecutive years (so it will need to join in the course of 2009), during which time the zloty will be able to fluctuate up to 15% above or below the pivot rate set against the euro. To this end, the roadmap sets out plans to amend the Polish constitution, which gives the Polish central bank sole responsibility for defining monetary policy.
Among the countries which have not adopted the euro, only Denmark and the United Kingdom have opt-outs. The others are required to join the euro as soon as they meet the criteria. After the euro was rejected by referendum in 2003, Sweden has avoided saying much on the issue (without altering its legislation which allows the Bank of Sweden to be part of the European system of central banks). Three countries from the last two enlargements - Slovenia, Cyprus and Malta - have already joined the euro area, and Slovakia is set to join on 1 January 2009. Latvia, the Czech Republic, Hungary and Bulgaria have yet to decide on a date for entry. The same is the case for Estonia and Lithuania, though both want to join the euro as quickly as possible (probably in 2011 at the earliest). Romania, on the other hand, has set a target date of 2014. (A.B./transl.rt)