Deputy Finance Minister Ludwik Kotecki says that Warsaw will conclude the technical details of entering the ERM-2 European single currency mechanism by “May or June”.

Technical details, such as the level that the Polish currency, the zloty, will enter what is a precursor to joining the Euro Zone, will be held with the European Central Bank and the European Commission. The go-ahead to prepare to enter ERM-2 - which stipulates that the zloty must keep within a plus or minus 15 percent corridor to the euro - will be given by Brussels this month, said the minister.

Warsaw had hoped for a speedy entry to the mechanism, but this is threatened by the global economic crisis which has put pressure on the zloty, which has plunged in value against the euro and US dollar. (pg)

Source: Dziennik