Posts
Considering the recent ups and down of the euro, you can't blame central bank Governor Marek Belka ( pictured) for delaying adoption until the EU can support a stable currency.
Belka is quoted saying:“The European Monetary Union is an ambitious but unfinished project. Political ambition wasn’t matched by the capacity and willingness to adjust economic institutions to fit,” which is the issue “that puts the euro’s future in doubt, and for us poses an enormous dilemma about what to do.”
Poland dropped entering the euro area in 2012 after revenues slumped from the global economic slowdown. It joined the EU in 2004 and must eventually adopt the euro as part of its accession agreement.
07/ 12 NYTIMES UPDATE on the floating Zloty : Why being outside eurozone is working to Poland’s economic advantage.
The zloty has fallen about 18 percent against the euro since early 2009 but it keeps Polish products competitive and insulated from the effects of the sovereign debt crisis.
http://www.nytimes.com/2010/12/07/business/global/07zloty.html?ref=todayspaper
