The countries of Eastern Europe would not be able to replace national currencies to the euro in the near future

Slowing economic growth worldwide will lead to a suspension of the spread of Monetary Union on Eastern Europe, since 2008, will be completed significantly reduced rates of Polish zloty, Hungarian forint and Czech crown, transmits Interfax referring to the agency Bloomberg.

Polish zloty fell against the euro by 21% since July, as Poland is experiencing the largest economic recession in a decade. The course is the Hungarian forint to the euro fell in July and November at 16%, and Hungary was forced to turn to the World Bank, International Monetary Fund and the European Union for help. The Czech koruna has lost 13% to euro volatility quotes, Krona euro rose threefold, and the currency threatens to further decline.

Poland, the Czech Republic and Hungary joined the EU in 2004 and committed as soon as possible to join the euro zone countries using the single European currency. But now their dreams not feasible, analysts believe the bank Morgan Stanley, predictions about future devaluation of the Eastern European currencies.

Hungarian Finance Minister Janusz Veres said in early December that the country could join the so-called Group of ERM-2 in 2010, despite the fact that it is not yet in a position to fulfill part of the criteria.

Hungary Hopes to join the ERM-2 by 2010 are mirage "I'm sure CEO of the largest Hungarian Asset management company OTP Fund Management Istvan Hamesh. "We no need for this club, "- he added.

European financial exchange rate mechanism (Exchange Rate Mechanism, ERM-2) is an interstate agreement, which - policy coordination and maintain the stability of exchange rates in Europe.

Joining the ERM-2 is a step in the transition countries of Eastern Europe and the euro. ERM framework creates conditions under which the parties (EU Member States, the European Central Bank, the European Commission and the countries wishing to switch to the euro) linked currencies of countries wishing to enter the euro area, with the rate of the single European currency. During the period of ERM-2 agreements, each of these countries should maintain its currency against the euro stable and fulfill the Maastricht criteria.

Each of the acceding countries must be a member of ERM-2 for at least two years, then the duration of this period will depend on the successful implementation of the Maastricht criteria. European law requires that fluctuations in national currencies to the euro during the mandatory two-year probationary period amounted to no more than 15%.

Representatives of the ruling and opposition parties, Poland agree that the previously announced date of transition to the euro (2012) should not be regarded as "dogma", because too much haste in this issue hurt economic growth and trigger accelerating inflation.

Despite the fact that the Commissioner for Evrokomissii Economics and Financial Affairs Joaquin Almuniya November 26, approved a plan to move Poland to the euro, he did not hide his skepticism towards the proposed dates. Probably, Poland will have to delay the introduction of a single European currency until 2015 or even 2016.