Wednesday, December 16th 2009 - 05:26 UTC

Poland delays adoption of the Euro until 2015

Poland's adoption of the Euro in 2015 is very realistic and more likely than in 2014, but it isn't a target date, Deputy Finance Minister Ludwik Kotecki told reporters.

The original target anticipated by Prime Minister Donald Tusk was 2012

The year “2015 is more likely than 2014, but it's not like 2015 is a new date which would replace 2012, it's not that kind of target,” Kotecki said in Otwock during his opening remarks of a Finance Ministry-organized seminar on the euro-adoption process. “It's not a new date.”

In September 2008, before investment bank Lehman Brothers collapsed, the Polish government unveiled 2012 as its target for euro-adoption. The administration of Prime Minister Donald Tusk had recently announced that it was planning to officially join the Euro-zone in 2012 when together with Ukraine they would be hosting the European Football Cup

But rising deficit and debt means Poland doesn't any longer meet most of the European Monetary Union's criteria for new entrants. Inside Poland the conservative opposition was also against the initiative. Hence, the government has officially dropped the 2012 target without setting a new one.

Earlier on Friday, Prime Minister Donald Tusk said euro-adoption in 2015 was a realistic and not overly-ambitious goal.

Polish president Lech Kaczynski who belongs to the Conservative opposition party (Law and Justice) has been one of the main promoters of postponing incorporation to the Euro zone until 2014 or 2015, since “doing it before would have negative effects for the Polish people”.

However neighbouring Slovakia joined the Euro Zone last January.

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