A country willing to join the euro union has to declare a fixed exchange rate of their own currency to the euro and maintain it for 2 years. This mechanism called ERM-2 is a so called waiting room and final way of checking whether the currency of the candidate country is strong and balanced enough to join the union. Poland will have to meet several other requirements as well. The four criteria are as follows: a low inflation rate, low interest rate, a small country and government debt. Which of the criteria have we already met? You can read about this in the next issue of "Wprost".
REKLAMA
Not all of the EU countries decided to choose the euro. The UK, Denmark and Sweden kept their own currencies even though their economies are strong and stable and could join the eurozone. The British government decided to keep the British pound, the Swedes rejected the euro in a national referendum and the Danes fought out a special clause with the accession due to which they were allowed not to introduce the euro. Poland, which is trying to reach foreign investors and wants to make it easy for them to do business in the country, has agreed to introduce the euro in 2004. It is just a matter of time when this happens.
How much time we will have to spend in the waiting room, that is in the ERM-2 and what criteria of the convergence must Poland fulfill. What is the alternative to the euro and why some of the EU countries have been chosen. When did Poland decide to join the euorzone – all of this will be explained in the fourth edition of the ‘Euroencyclopedia’ issued with the Monday Wprost magazine.