Embassy Events 2004

Treasury Secretary John Snow (left) meets with Leszek Balcerowicz, President of Poland's Central Bank

During a visit to Warsaw as part of a four-country European tour November 17-19, Treasury Secretary John Snow complimented Poland and other new European Union members on the progress of economic reforms that the region has implemented.

"I think the new members of the EU can have a very positive effect on the whole EU region and introduce dynamism to it and competition and good policy," commented Sec. Snow at a news conference.

Sec. Snow was in Warsaw for a meeting with the Finance Ministers from Poland, Hungary, Slovakia and the Czech Republic - the Visegrad Group. Among the issues up for discussion were budget reforms and their impact, as well as the influence of the U.S. economy on the global economy.

At the news conference after his lunch with his Central European counterparts, he told journalists that President Bush has set as a priority for his second administration reducing the deficit in the United States and making the tax regime less complicated and more fair.

However, Sec. Snow cautioned, "The President has said that any reforms have to be done in a way that are revenue-neutral. That underscores the President's commitment to deficit reform in the U.S. We want to cut the deficit in half, from over four percent from a year ago ... and bring it down to below two percent. And we're on the path to doing that."

In his meetings with Polish officials, Sec. Snow said he believes the economic reforms undertaken in Poland will attract foreign investment, noting that growing economies in Europe benefit not only Europeans, but the world.

Sec. Snow met with Prime Minister Marek Belka, Finance Minister Miroslaw Gronicki, Minister of Economy Jerzy Hausner, and President of the National Bank of Poland Leszek Balcerowicz [photo gallery]

Sec. Snow had dinner with leading Polish businessmen and ended his stay with a visit to the Warsaw Stock Exchange.