Release of the activities of the Interdepartmental Work Group for Poland's Integration with the Economic and Monetary Union
- The Interdepartmental Work Group of the NBP (National Bank of Poland) and of the MF (Ministry of Finance) for Poland's Integration with the Economic and Monetary Union has been established in order to develop the principles of Poland's accession to the euro zone.
- The Group's activities are headed jointly by Mr. Andrzej Bratkowski (Deputy President of the NBP) and Mr. Ryszard Michalski (Undersecretary of State at the Ministry of Finance). Within the period since July 22nd this year up till the present moment, the Group held seven meetings and also consultations of experts of both parties.
- It has been stated that the objective of the Government and the NBP is carrying out of the economic policy that will support the introduction of the economy on the path of a fast and balanced economic growth that is necessary for the acceleration of the real convergence process.
- The intention of the Government and the NBP is carrying out of such macroeconomic policy that will ensure Poland's meeting of the nominal convergence criteria of the Maastricht Treaty in 2005.
- It has been agreed that the basic guidelines of the proposed strategy are:
- aiming at Poland's gaining of the Economic and Monetary Union (EMU) membership as soon as possible, and it has been emphasized that the EMU accession process should take place while taking into consideration the macroeconomic conditions, including the impact on the economic development,
- participation in the European Exchange Rate Mechanism 2 (ERM 2) within a broad deviation band (+/- 15%),
- negotiation of the central exchange rate of the zloty within ERM 2 at the level that would provide conditions for a sustained economic growth and enable to avoid tensions on the currency market.
- The central exchange rate of tying the zloty with the euro within the mechanism ERM 2 will be set by the Polish party in agreement with the European Union representatives, including the representatives of the European Central Bank. While setting this exchange rate, an exchange rate of the zloty against the euro on the currency market in the selected reference period will be taken into consideration.
- Both parties have decided that consultations within the Interdepartmental Work Group for Poland's Integration with the Economic and Monetary Union will be continued. The subject of the Group's work will be the issues related to the coordination of fiscal and monetary policies, the analysis of fundamental factors affecting the exchange rate of the zloty, and positions and stipulations concerning the term and conditions of Poland's accession to the ERM 2 and EMU.