Poland's national bank: too early for first stage of euro

Poland's national bank: too early for first stage of euroWarsaw - Poland's National Bank warned on Monday against moving closer to adopting the euro, saying that at present there were few economic reasons to enter the precursory stage for adopting the euro.

It was "highly uncertain" that Poland could meet the criteria to stay in ERM-2, a pre-cursor program to joining the eurozone, said the report, released on Monday.

A qualifying country is required to spend at least two years in ERM-2 and run a budget deficit at no more than 3 per cent of the GDP.

Prime Minister Donald Tusk surprised many analysts when he announced last year his government would work to adopt the currency by 2012. He said the global financial crisis gave Poland stronger reasons to join the 15-member area.

Since then, Tusk has worked to sway Poland's euro-sceptic Law and Justice party - whose support is needed to change the constitution - to enter the area. Currently the constitution gives the National Bank sole power to distribute money. (dpa)

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