Poland wants to join ERM in first half of 2009

Poland wants to join the ERM-2 exchange rate mechanism in the first half of this year in order to meet its target of joining the euro zone on January 1, 2012, Finance Minister Jacek Rostowski was quoted as saying on Friday. In an interview with French daily newspaper Le Monde, Rostowski said Poland could meet the criteria now to join ERM-2, the ante-chamber for countries preparing to adopt the euro.
Poland didnt mind if the criteria were relaxed but was not asking for that, he was quoted as saying. "As soon as the situation stabilises, we want to join the exchange rate mechanism, stay in it for the minimum required period and adopt the euro," Rostowski said.
"It is not necessary (to relax the entry criteria) for the goal of entering the euro zone on January 1, 2012, as long as we can join the ERM in the first half of this year," he said. Asked whether he agreed with the European Unions decision to adopt a case-by-case approach to support new members in central Europe facing acute difficulties rather than proposing a massive regional plan, Rostowski said he did.
"Poland does not need any help. The central European countries are in very different situations. Some states have very serious problems and need to be supported, but so do certain older member states," he said. Asked about Polands economic prospects, Rostowski said it would post the second fastest growth rate in the European this year, after Slovakia. "Our growth is slowing but less than in other places and it remains positive," he said, without giving a figure.
Rostowski said the issue of Poles facing difficulties paying back mortgages denominated in foreign currency was being over-estimated. He said loans in currencies other than the zloty represented 11.5 percent of Polish GDP. "On the other hand, the depreciation of the zloty contributes to improving our competitiveness," he said.
Asked whether he saw economic problems in Ukraine as a threat to Polands export prospects, Rostowski said he paid more attention to what was happening in Russia, a bigger market. "Seventy percent of our trade depends on the European Union, and a quarter on Germany. Frankly we are more concerned by what is going on in Germany," he said.