Poland in no rush to join the euro
By Jules Johnston
Central bank governor likens eurozone to 'a house that was burning.'
“You shouldn’t rush when there is still smoke coming from a house that was burning,” said Marek Belka in an interview with the Telegraph. “It is simply not safe to do so. As long as the eurozone has problems with some of its own members, don’t expect us to be enthusiastic about joining.”
While Poland is obliged to join the euro as part of its EU membership, Belka suggested there is little chance of that happening under current conditions.
“The situation around Greece does not increase confidence in the euro, that’s for sure,” he said, ”and if we have a political change more into the right, then the enthusiasm to join the euro is going to be even weaker.”
In a warning for the future, Belka also said the biggest risk to the global economy would be the next crisis, as Greece “used so much of our war chest” that a further crisis could be disastrous.
“I think that what has been achieved provides temporary respite but not a solution. The real problem for Greece is how to reinvigorate sustainable growth. Without sustainable growth Greece will periodically fall into problems,” he said.
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