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Polish report Polish report
by Euro Reporter
2013-02-26 09:55:07
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Poland has much to do to prepare for euro entry

Poland has still much to do to prepare for the euro entry and benefit most from it, Polish Finance Minister Jacek Rostowski said on Thursday.

"I cannot imagine being a deputy prime minister, finance minister or in politics at all the moment Poland enters the euro zone," Rostowski said, "We have much to do to prepare Poland for the euro entry, so the Poland can benefit from that," he added.

Polish Prime Minister Donald Tusk said on Wednesday he expected Poland would be technically ready to join the euro by 2016, but did not give any indication of when entry might happen.


Poland on course to ratify the EU's fiscal compact

The Sejm, Poland’s lower house of parliament, has given its approval to the fiscal compact, an intergovernmental treaty introduced to discipline European governments in their public finances. The treaty entered into force on January 1, 2013 for the 16 EU members who had already completed ratification. For subsequent ratifiers, it will enter into force on the first day of the month following the submission of ratification documents with Brussels. Twenty-five of the EU’s 27 countries have pledged to adopt the treaty. Before the vote, Prime Minister Donald Tusk argued hard for the fiscal compact in parliament last week.

The PM said Poland had “won the financial battle for the next seven years like no other country in Europe” referring to the recently-agreed 2014-2020 EU budget from which Poland will receive a total of €105.8 billion, making it the biggest beneficiary in the EU. “The positive budget for Poland is the effect of a long-term strategy which assumed, among other things, winning the support of European institutions for the cohesion policy,” said Mr Tusk. He went on to say that “the fiscal compact implements standards in public finance that will protect the Polish taxpayer and the Polish state from excessive risk. It will be the next step on the road to a safe Europe. I don’t think there is a convincing alternative idea for a safe Poland, an idea that would not involve a strong and safe European Union,” Mr Tusk added. In the 460-member Sejm, 282 MPs supported the treaty, enough to give it the simple majority it needed to pass.

Unsurprisingly, the conservative Law and Justice (PiS), Poland’s largest opposition party, opposed ratification. Its leader, Jarosław Kaczyński, contested the procedure by which it was voted on as well, saying the measure should require a two-thirds majority. “We completely reject the claim that the fiscal compact does not affect Poland’s independence,” he said. “If it is to be accepted, then it should have to garner a constitutional two-thirds majority in parliament.”  Mr Kaczyński said if the vote was not conducted under those conditions, his party would treat it as if it had never taken place. Solidarna Polska, another conservative party, was also against the treaty.  Meanwhile, liberal opposition parties Palikot’s Movement and the Democratic Left Alliance, as well as the junior coalition partner, the Polish People’s Party, all voted to adopt the compact.  Leszek Miller, leader of the Democratic Left Alliance, said not joining the fiscal compact would “condemn our country to the role of peripheral country, stumbling about on the unpaved roads of Europe. If you don’t understand that then you don’t understand anything.” The fiscal compact will not impose any binding regulations on Poland until it joins the euro zone and it is still not clear when that will happen. The treaty now needs to be approved by the Senate and then signed by the president, both of which are expected to happen without any difficulty.


Poland's jobless rate rises to 14.2 percent

Official figures show Poland's unemployment rate rose to 14.2 percent in January from 13.4 percent in the previous month. The figure, released Monday by the Central Statistical Office, comes as the country is seeing a slowdown in its once-strong economy. Some job losses, however, are also typical in winter, when work in agriculture and construction declines due to cold weather.

Other data released Monday gave a more positive signal about the economy, showing that retail sales rose by 3.1 percent year-on-year in January. The head of the central bank, Marek Belka, was quoted in the Polish media as saying that could be a sign the economy is rebounding. Poland's economy grew 2 percent last year and economists expect slightly weaker growth this year.

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Emanuel Paparella2013-02-26 11:02:17
And while Poland prepares for Euro entry Italy prepares to reelect Berlusconi. Is this a a circus or what? What a movie Fellini could do were he still alive today...

Eleana2013-02-28 16:17:30

Thank you for the update. However, there will be little improvement this year or next whoever runs the country or connection to Euro. 14.2 % unemployment is enormous. Anything over 6% is alarming. That is more than double. The 2% growth is fine. It's as it should be. People should not fear stagnation. It's always good to lay fallow on the 7th year anyway. 2% growth IS growth and not to be sneezed at. Anything greater than that is likely to be superficial and therefore a risk. Joining the Euro is a huge risk. So is it in truth that Poland is unable to stand on her own two feet? Are financial situations so dire that she needs a helping hand to the tune of €105.8 billion? Poland is an old country. Australia is comparatively new, yet we need no helping hand financially. You should hear the ignorant, the Yobbos and illiterate banging on about how bad things are. Whinge, whinge, whinge! All the while our unemployment rate is under 6%.

In Australia GDP growth was 0.52% in 3rd quarter of 2012. We have averaged 0.9% growth since 1959 to 2012. -2% in the June quarter in 1974, when we had the recession we ‘had’ to have. There was also a quarterly dip in 2011 when it regressed to -0.3%. If the regression is short-lived, there is no real cause for alarm if it is under 3 %, the rhythm number of this planet. Some people did suffer at that time, but there are always people suffering somewhere in every country. Companies should and must allow for a stagnation period every 7 years at least and be already prepared for it. Rather than ride on the cash cow for instant gratification. A person who can lay fallow is not a greedy person

Eleana2013-02-28 16:20:51
Emanuel, we are agreeing for a change. You have hit the nail. It's amazing how charisma affects the stupid. Half the female population in Italy are secretly in love with Silvio.

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