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Poland's Central Bank Chief Urges Caution on Euro Move, Forsal.pl Reports

Poland “shouldn’t hurry” to adopt the euro until the European Union adjusts its political institutions and economy to support a stable common currency, central bank Governor Marek Belka said yesterday in a lecture in Krakow cited by Dziennik Gazeta Prawna’s Forsal.pl website.

“The European Monetary Union is an ambitious but unfinished project,” Belka said, noting the EU’s lack of a common budget or centralized fiscal policy, according to Forsal.pl. “As a surrogate we have the Maastricht Treaty, which is a gentleman’s agreement, only it turned out there weren’t enough gentlemen.”

Belka said while he favors Poland’s adopting the euro, under current conditions the issue is “hypothetical,” the website said.

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