Poland’s central bank chief has warned against deeper integration of the European Union. In an article published in the May 30 issue of The Financial Times, Adam Glapiński said his country and other new members of the EU are sceptical about the Economic and Monetary Union (EMU), New Europe writes.

“Further development of the economic and monetary union is on hold,” Glapiński wrote, stressing that “all the ideas, including those from Paris, about accelerating EU integration are no more than a pipe dream.”

“No major member state is willing to give up decision-making power over vital issues of taxation and spending,” according to Glapiński, who is the governor of the National Bank of Poland (NBP).

As reported by Radio Poland, Glapiński observes in his article that “the EU member states outside the economic and monetary union are in no rush to join the euro”. He also argues that “it’s hard to imagine a landmark event that would reverse this reluctance for greater economic integration”.

According to Glapiński, Central and Eastern European states that once considered euro membership a “badge of honour” changed their mind when the sovereign debt crisis occurred. He says this is when “most new members wrote the single currency out of the monetary script”.

As for Poland, Glapiński wrote: “Warsaw has signalled that in the next 10 years it has no interest in joining”.

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