Poland holds on to its local currency and rules out imminent accession to the Eurozone
Polish Finance Minister Andrzej Domanski stressed that his country doesn’t see an urgent need to join the Eurozone at this stage, noting that the strong performance of the Polish economy reduces the motivation to abandon the Zloty, its national currency.
In an interview with the Financial Times published on Sunday, Domanski explained that Poland has achieved economic results that have outperformed many eurozone economies, which strengthened the conviction of the feasibility of continuing to use the Polish Zloty.
Although EU countries have initially committed to joining the single currency when the required criteria are met, the minister noted that current economic conditions don’t make this option a priority for his country.
Domanski said the Polish economy was showing stronger performance than most Euro-dependent economies, adding that the government had a growing amount of data and studies that support keeping the national currency at the moment.
This position reflects Warsaw’s cautious approach to accession to the eurozone, in light of its desire to maintain the flexibility of its monetary policy and the independence of its economic decision-making.
