The European Union’s monetary affairs chief will soften his recently proposed stance on the Exchange Rate Mechanism 2 (ERM2) for Poland
Published:
4 June 2003 y., Wednesday
The European Union’s monetary affairs chief will soften his recently proposed stance on the Exchange Rate Mechanism 2 (ERM2) for Poland as the country begins to show signs that it will meet Maastrict criteria, Warsaw-based economists and market watchers say.
Adding confusion to the already scattered debate on the potential for the country to adopt the euro quickly, Pedro Solbes, the EU’s monetary affairs commissioner, declared that accession countries would be forced to abide by a narrow exchange rate band of plus or minus 2.25% to the euro. This threatened, for Poland in particular, the more manageable plus or minus 15% that current euro-zone countries enjoyed after the European Union’s first ERM fell apart in the early 1990s.
Critics of this “impossible” clause say Solbes’ statement illustrates the EU’s own fear of being able to swallow 10 new economies – of which Poland’s is the largest – at the same time as some member states record ballooning budget deficits and rising unemployment. Those fears will calm, say economists.
“The biggest problem is whether the euro-zone is ready to accept accession countries, in particular Poland,” said Marcin Mróz, senior economist at SG Bank. “Poland has bigger problems. Mainly the problem the EU (has with Poland) is highlighted by the recent statement by monetary affairs commissioner Pedro Solbes, (which aims) to discourage new countries from joining the euro.”
Šaltinis:
wbj.pl
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European cities may still be feeling the pinch of the global recession.
more »
The EBRD Board of Directors has approved a $50 million convertible loan to Petrolinvest to finance the completion of exploration works at the company’s main oilfields.
more »
The European Commission welcomes the adoption today at the United Nations in Geneva of the first international regulation on safety of both fully electric and hybrid cars.
more »
Bloomberg has today announced that Lithuania had the outlook on its credit rating raised by Fitch Ratings after the Government implemented an austerity program to curb the budget deficit.
more »
In January 2010, compared with December 2009, the highest increase in retail trade in the EU-27 Member States was observed in Lithuania.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania will get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and job guidance after Parliament gave the green light on Tuesday.
more »
Some 80% of Europeans continue to travel for their holidays according to a new Eurobarometer survey on ‘The attitudes of Europeans towards tourism 2010’.
more »
The EU's internal market will be under scrutiny Tuesday when a series of reports will be debated by MEPs in Strasbourg.
more »
EU Employment and Social Affairs Ministers today agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business.
more »
Over €7.6 million in financial aid for training and self-employment could be available to former workers in German and Lithuanian if MEPs back the measures Tuesday.
more »