The European Commission is satisfied with Poland's deficit reduction plan, even though it says the country's deficit won't amount to less than 3 percent of its GDP by the end of this year.

Finance Minister Jacek Rostowski recently told EC commissioner Olli Rehn that Poland's deficit will reach 2.97 percent of GDP this year, but the Commission finds this too optimistic.

Nevertheless, Poland has significantly improved its image in the eyes of the EC since November 2011, when it was one of five countries which received a letter from Mr Rehn warning that it was not on course to meet the common European fiscal criteria for 2012.

“Belgium, Cyprus, Malta and Poland – ... countries that were at risk of not meeting their deadlines of 2011 or 2012 to correct their excessive deficit – have taken effective action,” the Commission said in a statement earlier this week.

Polish Deputy Finance Minister Ludwik Kotecki told journalists: “This confirms the good reputation we have on the market. The Commission accepted our [deficit solutions].”

Poland A.M.