Poland's Finance Minister Jacek Rostowski (R) speaks with Jan Cornelis De Jager: photo - EPA
“We can not proceed with something where we have no vote,” Poland's Jacek Rostowski, said after a meeting of EU finance ministers in Nicosia, Cyprus at the weekend.
Poland is “completely not interested” in the proposal in its current form, Rostowski said.
“Of course, you can never say never, but what is in the text [of the proposal] today is totally unacceptable," he said.
Rostowski said that to be able to move forward, there must be a “balance between countries belonging to the [eurozone] mechanism and those outside”.
Under proposals unveiled by European Commission president Jose Manuel Barroso, the European Central Bank (ECB) would be given sweeping new powers, including the ultimate authority to oversee some 6,000 banks across Europe.
Non-eurozone members, such as Poland, could join the proposed banking supervisory board but would have no voting rights, an idea which has found little support among the 10 members which have yet to adopt the single currency.
Poland fears that a banking supervision scheme could put them at the mercy of the 17 eurozone members.
Sweden, not in the eurozone, has said it is also against the EC's plans for banking supervision.
"There are a large number of countries that are not members of the eurozone that find this solution unacceptable," Sweden's finance minister Anders Borg said.
"The whole idea that we would be under the supervision of an institution where we have no voting rights, where [spending decisions on] our taxpayers' money could depend on decisions taken by an institution where we have no influence, is completely unacceptable," the Swede added.
The chances of putting a banking union in place by 1 January 2013, as proposed by the EC, now looks slim.
"We all agreed that announcing a fixed date is not a good idea if you're not sure whether you can actually stick to it," said German finance minister Wolfgang Schäuble.
"There's still a lot of work ahead of us. But there's no doubt about the goal of finding a common solution," he said.
Jacek Rostowski added that Poland still aims to join the eurozone but his government cannot set a date in the foreseeable future.
“We have said time and again that Poland is very keen to join the euro club, but only if it is a secure move: and for this to happen, the European Union has much homework to do”. (pg/mk)
source: PAP/agencies