Narodowy Bank Polski

Press Announcement from the Meeting of the Inter-Ministerial Work Group on Poland's Integration with the Economic and Monetary Union

  1. Another meeting of the Inter-Ministerial Work Group of the NBP (National Bank of Poland) and the MOF (Ministry of Finance) devoted to Poland's integration with the Economic and Monetary Union was held on 22 January 2004. The meeting was chaired by Mr Andrzej Bratkowski (NBP Deputy-President) and Mr Ryszard Michalski (Undersecretary of State at the MOF):
    • During the meeting, the Group discussed current conditions of integration with the Economic and Monetary Union (EMU), with particular emphasis on fiscal and monetary policy issues and the potential date for Poland's joining the European Exchange Rate Mechanism (ERM2) and the euro zone,
    • The Group also discussed procedural issues related to Poland's joining the ERM2 and the euro zone, and the current state of analytical work concerning the economic framework of these processes,
    • Discussions also included the schedule and scope of the Group's further tasks.
  2. The Group noted that the aim of the Government and the NBP is to pursue economic policies that encourage the strengthening of growth factors in the economy and lead to a path of fast and balanced economic growth resulting in real convergence.
  3. The Group also noted that the aim of the Government and the NBP is to achieve Poland's membership in EMU, and that this process should take into account macro-economic conditions as well as Poland's ability to meet nominal convergence criteria.
  4. The following factors should be taken into account within the context of Poland's euro zone accession strategy:
    • The shortest possible time for Poland's participation in ERM2,
    • A central rate of exchange that favours economic growth that makes it possible to avoid strains on the foreign exchange market, and that takes into account market rates in a chosen period of reference.
  5. The Group decided to continue its work and set the schedule and the scope of further tasks, which will include, among others, issues related to the coordination of fiscal and monetary policy and the coordination of procedural elements of the process leading to Poland's entry into the euro zone.

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