Poland has asked the EU to speed up the process of making it to the euro area, writes the newspaper The Financial Times. Since the proposal was made by the country after the EU summit on March 1, 2008; the possibility of reducing the period of accession to the euro zone, which is now two years. With this initiative, in particular, gave Hungary.
Recall that Poland expects to become a member of the eurozone in 2012. Earlier, the government repeatedly stated that joining the euro zone is not a priority.
For the country's accession to the euro zone, it must obtain the permission of the European Commission, the European Central Bank and the Finance Ministers of Europe. Since then, the country is a two-year process of joining the euro, during which the rate of national currency tightly linked to the euro, while in its territory, both begin to equal the currency in circulation. After two years if the country is more in line with macroeconomic requirements, it stops the circulation of the currency and fully subscribes to the euro.
As expected, at the time of financial crisis, the period of accession to the euro will be reduced, but the rest of the requirements for candidate countries would not be mitigated. In particular, their rates of inflation, debt, and many others will have to conform to the economic standards of the euro, registered in the Maastricht Treaty. It is also possible that a shortened period of entry may be maintained after the end of the crisis.
Euro currency was introduced in a non-cash circulation on 1 January 1999, when 11 of the 15 EU countries formed eurozone. In the real treatment euro coins and banknotes were received on 1 January 2002. Now in the euro area is composed of 16 of the 27 EU countries. These include Austria, Finland, Iceland, Ireland, Portugal and Slovenia. The most recent Slovakia joined the euro - the European currency was introduced in the country 1 January 2009 with the simultaneous abolition of circulation of the currency.
Tuesday, March 3, 2009
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