On 1 May 2004 Poland became a Member State of the European Union. From then on, pursuant to Art. 4 of the Accession Treaty, it has been participating in the third phase of the Economic and Monetary Union as a Member State with a derogation. It means that Poland is obliged to adopt the common currency after the conditions stipulated in the Treaty on the Functioning of the EU are met. Only Great Britain and Denmark enjoy an opt-out clause, which means that they may individually decide on if and when to join the Eurozone.

Nevertheless, it is the national authorities that will decide on the moment of replacing the Polish zloty with the common currency, as the Treaty does not impose any specific date of full membership in the Economic and Currency Union.

The period from the moment when the national authorities make a strategic decision on joining the Eurozone to the moment when the common currency is adopted lasts for about three years, which is conditioned on observance of certain procedural elements.

A couple of months before a national currency joins ERM II, preparations need to be commenced with an aim to prepare, in consultation with the European Commission and the European Central bank, the conditions of participation. Then, in accordance with the requirements of the exchange rate stability criterion, the state should participate in the ERM II system for a period not shorter than 2 years. Within that period the remaining convergence criteria must be met. Then the European Commission and the ECB prepare convergence reports assessing whether high and permanent economic and legal convergence has been achieved. The reports are subsequently submitted to the Ecofin Council. If the country intending to join the Eurozone is positively assessed in the reports, the Ecofin Council, having received a recommendation adopted by the members of the Eurozone, makes a decision about abrogating the derogation of the Member State of the European Union and sets a date from which on it will no longer apply.

Till that time, in accordance with the requirements of the Stability and Growth Pact, the EU Member States not included in the Eurozone are obliged to present medium-term programmes, the so-called convergence programmes, showing the extent to which such States have met the Maastricht criteria and the steps intended to be taken by those States for the purpose of meeting all the convergence criteria.

Convergence programmes of Poland

• February 2010
• December 2008
• March 2008
• October 2007
• November 2006
• January 2006
• November 2004
• April 2004

At least once in two years or upon request from a Member State with a derogation the European Commission and the European Central Bank independently check whether the Member State has reached a level of nominal and legal convergence adequate for joining the common currency zone. Then the European Commission and the ECB pass on their findings in the form of convergence reports to the Council of the European Union, which, having received a recommendation from a qualified majority of its members representing the Eurozone Member States, makes a final decision about the accession of a given Member State to the Eurozone.

According to the convergence reports published by the Commission and the European Central Bank in May 2010, Poland does not meet any of the conditions for euro adoption. Reports include the reference period from April 2009 to March 2010.

Convergence reports

• European Commission: Convergence reports
• European Central Bank: Convergence reports

Opinions by the Council concerning Poland's convergence programmes

• Council Opinion on the updated Convergence Programme of Poland, 2009-2012
• Council Opinion on the updated Convergence Programme of Poland, 2008-2011
• Council Opinion on the updated convergence programme of Poland, 2007-2010
• Council Opinion on the updated convergence programme of Poland, 2006-2009
• Council Opinion on the updated convergence programme of Poland, 2005-2008
• Council Opinion on the updated convergence programme of Poland, 2004-2007
• Council Opinion on the Convergence Programme of Poland, 2004-2007

The schedule of works bringing Poland closer to introduction of the common currency has been specified in a Roadmap for adoption of the euro by Poland, as approved by the Council of Ministers on 28 October 2008. That documents specifies four phases of the euro adoption process. Currently Poland is in phase 1 of the preparations which precedes joining the ERM II.

Commencement of phase 2 of the preparations, which means joining ERM II, means a necessity to provide secure participation in that mechanism. The conditions for such participation have been specified in a document adopted by the Council of Ministers on 27 April 2009 and titled Prerequisites for Implementation of the Next Stages of the Road Map for Euro Adoption in Poland.

In October 2010 the Government approved Strategic Guidelines for National Euro Changeover Plan that define the optimal plan of actions needed to implement a single currency in Poland, taking into account the ignorance of the exact date of its adoption.

In Poland the person responsible for coordinating and monitoring the process of currency integration with the Eurozone is the Government Plenipotentiary for Euro Adoption in Poland, appointed pursuant to the regulation of the Council of Ministers of 13 January 2009. The Plenipotentiary is obliged to present reports on the tasks related to preparation of adoption of the euro by Poland once in six months or more frequently, on the Plenipotentiary's initiative.
The supporting unit for the Plenipotentiary is the Office of the Government Plenipotentiary for Euro Adoption in Poland, which operates within the Ministry of Finance. At the beginning of each month the Office publishes a Nominal Convergence Monitor, the aim of which is presentation of the current status of fulfilling the Maastricht criteria by Poland and other EU Member States.

An interinstitutional structure appointed by the Council of Ministers on 3 November 2009 cooperates with the Government Plenipotentiary for Euro Adoption in Poland. The structure is composed of:

• the National Coordination Committee, which is responsible for preparation and presentation to the Council of Ministers of proposals of actions aimed at preparation of Poland for the introduction of euro, and for cooperation with the Plenipotentiary in the area of initiating and monitoring actions of government administration bodies related to the preparations to currency integration;
• the Coordination Council, which cooperates with the Plenipotentiary in the area of coordinating the works of Working Teams;
• Interinstitutional Working Teams for Preparation of the Euro Adoption in Poland (Working Teams), which are groups of experts who provide the Council with opinions.

See more:

Progress reports on the preparations for the enlargement of the euro aera, EC website
Poland and the euro, EC website
Economic and Financial Affairs, EC website

Publications concerning Poland's accession to the Eurozone

• Report on full membership of the Republic of Poland in the third stage of the EMU, National Bank of Poland, February 2009
• A Report on the Costs and Benefits of Poland's Adoption of the Euro, National Bank of Poland, March 2004