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Thursday, 11th March 2010
Home > Polish Property and Real Estate Articles > Poland handling global crisis well
Poland handling global crisis wellArticle added on: 2009-06-13 |
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Poland is handling the global crisis better than other European countries according to remarks made by European Central Bank President Jean Claude Trichet at conference set up by the National Bank of Poland just over a week ago. The president praised the government for its economic policies saying that, "In the past 20 years Poland has gone through a long, demanding period of transformation. Its effects are very visible. In the last 20 years per capita GDP has tripled." Polish President Lech Kaczynski and EU Commissioner Joaquin Almunia were both present at the conference organised to mark the 20th anniversary of the collapse of the planned economy. He went on to say that the government’s handling of the situation was successful for various reasons, "The most important one is that Poland has built up less macroeconomic imbalances and that it has implemented a set of policies and reforms that have overall been appropriate in recent years," he said. Trichet did however warn of the problems still to be faced if Poland is to adopt the euro. Policymakers face a tough task meeting the criteria set out by the European Central Bank (ECB). "For the governing council of the ECB, what counts are the [euro adoption] criteria. You know that we are attached to the criteria that are in the [Maastricht] treaty. We consider that they have to be met." Concerns were also expressed about fallout from the Latvian economy which faces currency devaluation. Monetary Policy Council member Dariusz Filar said there might be a threat to the Polish economy. "This situation is a challenge that requires a reaction on a broader scale than just Latvia, there is a need for more international assistance," he said. |
Published courtesy of New Poland Express
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