Polish finance minister can’t imagine euro adoption in next few years

Washington Post ^ | 22 July 2011 | AP

[Cronos]

Poland’s finance minister says he doubts his country will adopt the euro in the next few years.

With Europe’s debt crisis raising questions about the viability of the single currency, there is little enthusiasm for it in Poland.

Polish leaders have repeatedly delayed a switch to the euro. Several years ago, the talk was of joining the eurozone in 2012, then leaders began to mention 2015 as a possible aim.

Now Jacek Rostowski says that he can imagine Poland giving up its zloty currency during the next term of parliament that will last through 2015.

The comments Friday to TOK FM radio indicate that Warsaw is postponing a switch even further into the future.

[Cronos]

Not a chance Poland will join the Euro now I think

[European Guest]

It is quite funny in this context, that there are quite a few Swiss people and politicians who want to give up the Swiss Frank or think about connecting it to the Euro, since their industry lost export orders in large scale recently because of the weak Euro. They loose millions and bazillions.

In the case of Poland the things are different of course. This country is still not a big exporter. Therefore it does not make sense to give up the Zloty in the moment.

[buzzer]

The Zloty has a fixed exchange rate to the euro and Poland is a EU member, so they’re part of the EU market. If the euro colapses so will the zloty. It’s might be a issue on psychological arguments, but not on facts.

My bet is that greek will default, quit the Euro and the EU with it’s free market. The euro then will bounce back and skyrocket.

[bert]

-——their industry lost export orders in large scale recently because of the weak Euro-——

John Maudlin reported very recently on his trip to Switzerland and the horrendous prices. A diet Coke cost $12. Now that’s devaluation you can believe in. The devaluation/inflation is real and ongoing. It is not just the US$

[Cronos]

I don't think (but don't know) that the Złoty has a fixed exchange rate to the euro. it fluctuates quite a bit.

[Kozik]

Polish Zloty does not have fixed exchange rate to Euro. It will have when Poland will be joining Euroland.

[Cronos]

I hope it doesn't. I know the Central Bank building in Warsaw had an exhibition last year, but I think the enthusiasm for joining the euro has waned and the Germans are going to be wary about adding another country to euroland

Let's pray Poland does not join the euro.

[buzzer]

“Let’s pray Poland does not join the euro.”

Let’s pray that California and Washington quit the dollar :-)

[Kozik]

Well, Polish Zloty saved our a$$es during the crisis, that’s for sure. On the other, as a shipbuilder I know very well how destructive currency fluctuations can be.