Polish euro coins
Encyclopedia
Under the terms of the Treaty of Accession 2003
, all new Member States "shall participate in the Economic and Monetary Union
from the date of Accession as a Member State with a derogation", which means that Poland
is obliged to introduce the euro
, which will replace its current currency, the Złoty. Article 227 of the Constitution of the Republic of Poland will need to be amended to allow a change of currency from the Złoty to the euro and a change of the central bank, so Poland may adopt the Euro no earlier than 2019.
On 10 September 2008, speaking at the launch of an economic forum in a Polish resort of Krynica-Zdrój, Polish Prime Minister Donald Tusk
announced the ruling government's objective to join the Eurozone
in 2012. However, since the Polish constitution will need to be changed first and they will have to join the ERM 2 before second quarter 2009, a target date that is still very aggressive. Regardless, on 28 October 2008 the Polish government confirmed their plan to join the Eurozone in January 2012.
There is no official information on the design process for the Polish national sides of the euro coins.
said on news conference that Poland was unable to join Eurozone
before 2015, and even that date was still very optimistic. Also, Polish government officials had confirmed that Poland
wouldn't join Eurozone in 2012.
On 5 November 2009, speaking at the news conference Polish Deputy Finance Minister Ludwik Kotecki said the government may announce a national strategy for euro adoption in mid-2010. In an interview for Rzeczpospolita daily 22 October 2009 he also said Poland could adopt the euro in 2014 if the general government deficit is reduced in 2012.
On Friday, 11 December 2009, Polish Prime Minister Donald Tusk
said Poland could join the eurozone in 2015. Speaking during Finance Ministry-organized seminar on the euro-adoption process on 15 December 2009 Deputy Minister of Finance Ludwik Kotecki said the year 2015 is more likely than 2014, however he declined to specify the official target date. In 2010, the eurozone's debt crisis caused Poles' interest to cool, with nearly half of the population opposed to entry.
originally required that all members of the European Union
join the euro once certain economic criteria
are met. Poland meets 2 out of the 5 criteria.
Treaty of Accession 2003
The Treaty of Accession 2003 was the agreement between the European Union and ten countries , concerning these countries' accession into the EU...
, all new Member States "shall participate in the Economic and Monetary Union
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...
from the date of Accession as a Member State with a derogation", which means that Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
is obliged to introduce the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, which will replace its current currency, the Złoty. Article 227 of the Constitution of the Republic of Poland will need to be amended to allow a change of currency from the Złoty to the euro and a change of the central bank, so Poland may adopt the Euro no earlier than 2019.
On 10 September 2008, speaking at the launch of an economic forum in a Polish resort of Krynica-Zdrój, Polish Prime Minister Donald Tusk
Donald Tusk
Donald Franciszek Tusk is a Polish politician who has been Prime Minister of Poland since 2007. He was a co-founder and is chairman of the Civic Platform party....
announced the ruling government's objective to join the Eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
in 2012. However, since the Polish constitution will need to be changed first and they will have to join the ERM 2 before second quarter 2009, a target date that is still very aggressive. Regardless, on 28 October 2008 the Polish government confirmed their plan to join the Eurozone in January 2012.
There is no official information on the design process for the Polish national sides of the euro coins.
Discussions
Former President Lech KaczyńskiLech Kaczynski
Lech Aleksander Kaczyński was Polish lawyer and politician who served as the President of Poland from 2005 until 2010 and as Mayor of Warsaw from 2002 until 22 December 2005. Before he became a president, he was also a member of the party Prawo i Sprawiedliwość...
said on news conference that Poland was unable to join Eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
before 2015, and even that date was still very optimistic. Also, Polish government officials had confirmed that Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
wouldn't join Eurozone in 2012.
On 5 November 2009, speaking at the news conference Polish Deputy Finance Minister Ludwik Kotecki said the government may announce a national strategy for euro adoption in mid-2010. In an interview for Rzeczpospolita daily 22 October 2009 he also said Poland could adopt the euro in 2014 if the general government deficit is reduced in 2012.
On Friday, 11 December 2009, Polish Prime Minister Donald Tusk
Donald Tusk
Donald Franciszek Tusk is a Polish politician who has been Prime Minister of Poland since 2007. He was a co-founder and is chairman of the Civic Platform party....
said Poland could join the eurozone in 2015. Speaking during Finance Ministry-organized seminar on the euro-adoption process on 15 December 2009 Deputy Minister of Finance Ludwik Kotecki said the year 2015 is more likely than 2014, however he declined to specify the official target date. In 2010, the eurozone's debt crisis caused Poles' interest to cool, with nearly half of the population opposed to entry.
Status
The Maastricht TreatyMaastricht Treaty
The Maastricht Treaty was signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty...
originally required that all members of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
join the euro once certain economic criteria
Convergence criteria
The euro convergence criteria are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union and adopt the euro as their currency...
are met. Poland meets 2 out of the 5 criteria.
| Convergence criteria | |||||
| | Inflation rate Inflation rate In economics, the inflation rate is a measure of inflation, the rate of increase of a price index . It is the percentage rate of change in price level over time. The rate of decrease in the purchasing power of money is approximately equal.The inflation rate is used to calculate the real interest... 1 | | Government Government Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized... finances | | ERM II European Exchange Rate Mechanism The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of... membership | | Long-term interest rate Interest rate An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for... 2 |
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| annual government Government Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized... deficit to GDP Gross domestic product Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living.... | gross government debt Government debt Government debt is money owed by a central government. In the US, "government debt" may also refer to the debt of a municipal or local government... to GDP Gross domestic product Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living.... |
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| Reference value | max 1.0% | max 3% | max 60% | min 2 years | max 6.0% |
 PolandPoland Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north... (May 2010) |
3.9% | 7.1% | 51.0% | not yet a member | 5.81% |
| 1 No more than 1.5% higher than the 3 best-performing EU member states. HICP rate as published by the ECB. 2 No more than 2% higher than the 3 best-performing EU member states. |
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