Poland will never join a ‘burning’ eurozone, says central bank governor

Marek Belka, who has also served as the country’s prime minister, said the turmoil in Greece had weakened confidence in the single currency.

 “You shouldn’t rush when there is still smoke coming from a house that was burning. It is simply not safe to do so. As long as the eurozone has problems with some of its own members, don’t expect us to be enthusiastic about joining,” he said.

According to The Telegraph, Mr Belka also said the world was running out of ammunition to fight the next financial crisis.

“We don’t have the option of decreasing interest rates. Much fewer countries have fiscal space to intervene so we are less prepared,” he said.

The governor suggested that Poland, which is obliged to join the euro as part of its EU membership, would not become a member for many years. He said interest would wane further if the political environment continued to shift to the Right.

Mr Belka, a former head of the International Monetary Fund’s European division, said the eurozone was at risk of becoming trapped in a “vicious circle” where closer fiscal integration became more difficult because of splits over structural reforms and austerity.

“As long as there is divergence or as long as we have problems in some countries, it’s more difficult to build up a solid foundation for the real fiscal union in the eurozone. So this is a little bit of a vicious circle,” he said.

Mr Belka also said it was crucial that Greece, like Poland in the Nineties, received debt relief from its creditors, as he appeared to urge the bloc to do more to boost growth in the country.

“Without sustainable growth Greece will periodically fall into problems,” he said.