Poland is striving to adopt the euro as soon as possible and will make the switch only when “100 percent sure” it’s safe, Prime Minister Donald Tusk said.
The 17-nation euro area needs to resolve internal problems and Poland, a country of 38 million, must be fully prepared before it scraps the zloty in favor of Europe’s single currency, Tusk said in speech to Parliament in Warsaw today.
“Our road to the euro area should be clear-cut and the decision must be 100 percent safe for Poland,” Tusk said. “The decision to join should come when the euro area is ready, in terms of its condition and its readiness for the kind of massive expansion that Poland’s entry would involve. But above all, when Poland is 100 percent ready.”
After Europe’s sovereign debt crisis erupted more than three years ago, threatening to rip apart the currency region, Poland scrapped plans to adopt the euro in 2012. While Tusk has revived the membership debate amid signs the crisis is waning, Finance Minister Jacek Rostowski said in a Feb. 15 interview that Poland won’t set a deadline to adopt the euro because it first must further revamp the economy.
The zloty strengthened to 4.17 per euro at 4:19 p.m. in Warsaw, having lost about 0.9 percent in the past three months. Poland’s 10-year government bond yield fell two basis points to 4.016 percent.