Difference between site and placerville
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- Difference between site and placerville
- Автор : Dirisar
- 24.02.2021
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It was calculated on a basis of data from one state only, i. Thirdly, the fiscal criterion was not met. The deficit of the general government sector in was Fourthly, we did not meet the exchange rate criteria. We do not participate in ERM II, and the exchange rate of our currency was showing excessive volatility. This is however only a freeze-frame of October Inflation and interest rates have been in the downward trend, the exchange rate of zloty stabilised, and in the still valid Convergence Programme the excessive deficit procedure was said to be lifted from Poland although there is no certainty whether the obligation will re-appear the next Convergence Programme.
Therefore we should consider whether we are able to meet these criteria by but also over the key two years from the year in the scenario we can expect Poland to be included in ERM II, at the earliest to One would have to be a prophet to predict whether by that time the euro area will still exist in its present shape, what its economic growth rate will be and, what follows, what the inflation rate, the budget deficit and euro rate to zloty will be in Poland.
Let us assume, however, that all the criteria are met also in through , since we have prepared reasonably early for it. This is how we should interpret the address of President Komorowski stating that we should meet the convergence criteria first and only then apply for the euro area membership. What next? Legal harmonization must be addressed. If the euro is adopted, the NBP would lose its exclusive right, and the Monetary Policy Council would become redundant.
In the meantime, at the European level, a decision should be taken on ending a derogation. Hence we are obliged to meet the convergence criteria and adopt the euro, although the date of the euro adoption has not been specified. From the practical point of view, this represents not much difference to the status enjoyed by the UK or Denmark, which negotiated the opt-out clause empowering them to make an independent decision on which currency they will have in the future.
Poland may also specify that we would adopt the euro in e. This would be lawful, although it could carry hard-to-predict consequences. In the context of the euro, everyone thinks about a much shorter perspective. Six months usually pass between the decision to end a derogation and the euro area entry.
The derogation procedure as such involves several stages. The EC prepares a motion to the Ecofin Council, and next consultations follow with the European Parliament and a discussion within the European Council. Then comes the time for a recommendation by the Eurogroup Ecofin Council members representing Member States with euro currency , and finally a decision of the Ecofin Council is made with a qualified majority of votes. In a country adopting the euro this is the time needed for technical preparations — replacement of computer systems, printing new banknotes, and carrying out an information campaign.
A lot can change over six years. What is new, however, is an assumption that the reforms which will enable meeting the convergence criteria will certainly not harm Poland, and only time will tell whether these will serve the adoption of the single currency as well.
