NBP says Poland's 2006 ERM II depends on deficit

Poland's joining the Exchange Rate Mechanism ERM II in mid-2006 depends on its meeting the budget deficit criterion, Polish National Bank (NBP) Vice-President Krzysztof Rybinski said.

"The NBP thinks that the earlier Poland joins the EMU the better. An early entry, before 2009, would be better than a later entry. If the structural deficit of public finances is trimmed, we could join the ERM II in mid-2006, although it hinges on whether we manage to meet the deficit criterion," Rybinski said.