EMERGING

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<strong>EMERGING</strong> MARKETS: A Review of Business and Legal Issues part because the economic slowdown will make it difficult for the country to meet the currency's strict adoption criteria. Wednesday's comments are "part of a package of comments from policy makers aimed at trying to stem their currency losses," said Neal Shearing, an economist with Capital Economics in London. Before the Polish official's comments, most economists believed Poland would enter the two-year euro anteroom next year or in 2011 and adopt the euro by 2013 at the earliest. The zloty rallied 3% Wednesday, its biggest one-day bounce this year. Any decision to begin talks on entering the euro's two-year anteroom run counter to the opinion of Poland's central bank, which said Monday the program is too risky in view of the zloty's weakness. The program, which is mandatory for euro aspirants, would require that Poland keep the zloty from moving more than 15% above or below an accepted level against the euro for two years. The Polish government's plan calls for entering the program by the middle of this year and adopting the euro by 2012. Prime Minister Donald Tusk recently suggested the plan could be flexible due to the zloty's vulnerability. Business leaders have welcomed the government’s commitment to bring Poland into the euro zone in 2011. “The adoption of the euro will make life much easier for entrepreneurs, especially those who do business with the euro zone,” said Andrzej Arendarski, head of the Polish Chamber of Commerce (KIG). “They will no longer need to constantly monitor exchange rates and incur costs associated with currency exchange. The risk of losses caused by exchange rate changes will also disappear once the single currency is adopted.” The Association of Polish Exporters says an early entry to the euro zone would make Polish exports more profitable and competitive. Business Centre Club experts say the benefits of adopting the euro for Poland would include faster economic growth, easier handling of increased tourist traffic and more efficient preparations for the Euro 2012 soccer championships. While Poland is still dreaming about adoption of the Euro in 2012, eight years after joining the EU, its tiny-weeny, titchy-witchy neighbor to the south, Slovakia, is using the Euro as of Jan 1 2009. The even smaller nations of Slovenia, Cyprus and Malta have also Page 162 Volume 1, April 2009
<strong>EMERGING</strong> MARKETS: A Review of Business and Legal Issues joined in the last year or two. For Poland of course, meeting all the criteria is just a side-show compared to the political bickering and in-fighting that needs to go on around the subject. So we have a country that is, as far as I can tell is an absolutely ideal candidate for joining the Euro at the earliest opportunity and yet is taking far too long to do so thanks, in the most part, to its leadership sacrificing the countries needs for the sake of their own egoistic bickering. Bibliography: 1. .“Euro in Poland… what, where and why”, Stefan Wyszyński, Movement for Supporting Initiatives towards International Education, Wrocław 2. Poland may delay 2012 target for euro adoption 14 November 2008” http://www.eubusiness.com/news-eu 3. “The Constitution of the Republic of Poland” OF 2nd APRIL, 1997: As published in Dziennik Ustaw No. 78, item 483. Konstytucja Rzeczpospolitej Polskiej, Dziennkik Ustaw; 4. Currency in Poland Falls Amid Eurozone Fears www.whichwaytopay.com/money-latestnews-article.asp?articleid=1504 February 17; 5. “Poland's central bank questions euro”, http://www.eubusiness.com/newseu/1234800122.97/ 6. http://eupolitics.einnews.com/news/poland-euro-currency; “Polish government approves road-map for 2012 euro adoption” http://www.eubusiness.com/news-eu 7. “Polish government approves road-map for 2012 euro adoption” http://www.eubusiness.com/news-eu 8. Slovaks discover cross-border shopping as Polish currency dives http://www.iht.com/articles/2009/03/02/business/zloty.php 9. Many Polish People want the Euro Currency M. Zamojski, translator D. Góra Page 163 Volume 1, April 2009
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