WARSAW (Sputnik) – It is not yet profitable for Poland to join the Eurozone, but this may change in five to ten years, Poland's Deputy Prime Minister and Economic Development Minister Mateusz Morawiecki said Friday.
"At this level of convergence in the light of optimal monetary zone, probably, it would be better not to join the Eurozone… Maybe, if everything is fantastic, [this will happen] in 5-10 years. We are obliged to do this and we understand it. But the absence of convergence indicates huge risks in the light of so-called optimal monetary zone," Morawiecki said as cited by TVN24 broadcaster.
Morawiecki stressed, that in the present conditions many economists admit that the common currency is a part of the problem, but not a solution.
Poland is one of the seven states of the European Union, which apply for the membership of the Eurozone, however, it does not meet all the necessary criteria for entry into the euro-currency bloc due to the lack of convergence.
The convergence criteria, sometimes referred to as the Maastricht criteria, are listed in the article 140 (1) of the Treaty on the Functioning of the European Union (TFEU). They include price stability, sound public finances, exchange rate stability, convergence in long-term interest rates and the compatibility of national legislation with EMU rules is also assessed.
