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   Apr 27, 2014
 
  •  POLAND AND THE EUROZONE
Professor Marek Belka President of the National Bank of Poland comments on the risks.
'There are a lot of uncertainties in the eurozone, and that is the reason why Poland does not hurry to adopt the euro as the currency' - says Marek Belka.

'As long as the future of the eurozone is uncertain, the pace of adopting of the euro, as the currency is slower'- said Belka during the lecture given last night in the Polish Embassy in Washington. He explained, that while the zone is still not healed, the adoption of the euro as the currency will oblige Poland to support financially the bailouts for the countries which face serious financial difficulties.
'Additionally, there is a risk, that after adopting the euro as the currency, the country will be affected by surprising deflation or by low inflation. Moreover, it is not known whether after adopting of the euro the instruments aimed to prevent Poland from falling into so called credit trap will work' - according to Belka, before adapting the euro Poland should improve on its competitiveness.
Poland is exceptionally competitive, but only when it comes to low expenses and low salaries. Some people say, that Poland is like the Small China of Europe. To some extent it is true. However, we do not have so-called structural competitiveness that is the competitiveness of Switzerland - Marek Belka said.

 
Photo: NBP



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