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Belka Says Zloty Gains on Confidence in Emerging Markets

The zloty’s rally this year was spurred by growing investor confidence in emerging markets, central bank Governor Marek Belka said.

The European Central Bank’s three-year loans to euro-area banks have “very much helped” Poland’s economy, Belka said today in Warsaw at a central bank ceremony honoring participants of the high-school Economics Olympics.

Poland has “no reason to push its way into the euro area over the next few years” and will have “a dilemma” in choosing when to adopt the euro, a requirement of the country’s 2004 accession to the European Union, he said.

“We know now that adopting the euro can bring us disadvantages as well as benefits,” he said. “We won’t be able to join until we meet the criteria, but there’s no need to do so as long as it’s undergoing renovation.”

Countries wanting to adopt the EU’s common currency must first meet conditions including public debt, the budget deficit and inflation. They must also spend a minimum of two years in the exchange-rate mechanism that tests currency stability.

In the longer term, it’s in Poland’s interests to join the euro region, Belka said.

“The eurozone is at the center of the decision-taking process, so if we’re not in it, we’re not at that center,” he said.

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