I thought that today was a good day to check the state of Poland’s convergence with the Eurozone. I’ve been doing this periodically, to know – more or less – where Poland stands on the euro adoption front.
The Ministry of Finance has been responsible for putting together reports on nominal convergence every month. Last time I checked – around November – I found that Poland fulfilled the 4 criteria necessary to join the European Exchange Mechanism (the fifth convergence criterion). In fact, Poland has fulfilled the four criteria every month since July 2015.
I was surprised to see that there are no more reports published after November 2015. Upon doing a bit more research I found out that PiS scrapped the role of the (loose translation) Goverment Representative Responsible for Poland’s Euro Adoption (Pełnomocnik Rządu Do Spraw Wprowadzenia Euro).
So far – in my view – Poland has fared quite well without the euro, but this is not the most transparent way of doing things. No representative, no problem. Now no government body will be monitoring convergence and announcing that is time to think about euro adoption. That’s one way of doing it, I guess.