Economic and Monetary Union Membership in the Context of the Accession Negotiations

Abstract

A discussion of Poland's membership in the Economic & Monetary Union (EMU) as an expected consequence of EU membership focuses on possible options related to Poland's negotiating position. It is noted that there is no conflict between the EU & Polish negotiating positions in regard to the EMU. However, in light of current economic difficulties it is contended that the Polish position fails to ensure adequate flexibility in the timing to assume obligations related to EMU membership, especially its provisions about a single monetary policy. A review of the Polish negotiating position shows that Poland committed itself to begin preparations for participation at a fairly early date. The implications of this commitment are discussed, along with special problems related to the unilateral adoption of the euro. Suggestions are made for ways the Polish government & the Central Bank can improve the strategy for joining the EMU in order to both enhance EU membership & advance crucial Polish interests. J. Lindroth