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
The financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »