UEFA is monitoring the impact of the global financial crisis on Ukraine's and Poland's preparations to co-host the 2012 European Championship.

UEFA general secretary David Taylor told The Associated Press on Tuesday, "I think it's no secret that Ukraine has the more immediate difficulties given its IMF loan and looking at balancing its government budgets."

Ukraine received a $16.5 billion loan from the International Monetary Fund to help combat the crisis. The IMF expects Ukraine's economy to contract by at least 6 percent this year. The national currency has lost about 43 percent since September.

Speaking in Warsaw, Taylor said UEFA has received assurances from Ukraine's government that the 2012 tournament remains a "top priority."

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