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Poland to accept euro in 2011

Latest update : 2008-09-10

Prime Minister Donald Tusk announced on Wednesday Poland's plans to adopt the European currency in 2011. It is the first time Polish officials have set a time table to join the Eurozone.

Poland, which joined the European Union in 2004, wants to adopt the eurozone single currency by 2011, Prime Minister Donald Tusk said on Wednesday, setting a target entry date for the first time.

"For the first time, I will say with responsibility that my government will aim for entry into the eurozone in 2011," Tusk said.

"It will be a difficult matter but possible to realise."

The largest of the 2004 EU newcomers, Poland agreed to meet macroeconomic criteria for euro adoption as part of its EU accession agreement but until now had refused to set a target date to replace its currency, the zloty, with the euro.

In February, Finance Minister Jan Rostowski said Poland would meet the criteria for euro adoption -- mainly on limiting inflation -- by 2010-2012.

On Tuesday, Tusk's liberal government approved the country's draft 2009 budget which forecast economic growth at 4.8 percent and inflation at 2.9 percent.

The 2008 budget was based on economic growth of 5.5 percent with annual inflation at 2.3 percent.

The Polish zloty strengthened Wednesday against both the euro and the dollar on the heels of the prime minister's announcement.

Date created : 2008-09-10