EC issues finance warnings

26th March 2010

The EC has told Poland to consolidate before it adopts the euro

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Poland needs to consolidate its finances more quickly, the European Commission said in its response to the convergence plan for adopting the euro submitted by the country.

The EC said that Poland has to make such changes if it expects to cut its budget deficit to 3 percent of GDP by 2012, as foreseen in its plan.

“Fiscal consolidation is far behind schedule even though it is the most important part of the plan. These projections are based on favourable macroeconomic assumptions and based on predictions for 2011-2012 expenditures,” the EC’s response reads.

Poland's current convergence plan envisages bringing the government deficit from 7.2 percent of GDP in 2009 to 2.9 percent ...

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