20 years since the declaration that we would adopt the euro. How much do we lose on this?
Joining the euro zone involves certain risks, e.g. the central bank’s inability to respond to currency crises, but the list of benefits is longer, argues “Rzeczpospolita”. Poles, however, have a strong opinion on this subject.
In May, it will be 20 years since Poland joined the European Union. The government then undertook not only to systematically implement Community law, but also to introduce Poland to the euro zone. However, the topic is so unpopular that no government has decided to even seriously discuss changing the currency. The National Bank of Poland does not even have a department for integration with the euro zone.
Euro in Poland. The balance of profits and losses
Several countries that joined the EU in 2004 have already adopted the common currency (including Lithuania, Slovakia and Malta). “Rzeczpospolita” emphasizes that the list of benefits of adopting the community currency is very long. “Experts have been unanimously pointing out for years an increase in the credibility of economic policy, the elimination of exchange rate risk, lower interest rates, cheaper loans and an increase in consumption, investments, foreign trade turnover, competition and efficiency. All this translates into increased economic growth dynamics. Much depends on the economic and political environment at the time of joining the euro zone,” we read.
The report “The road to the euro, action plan” prepared by the Res Publica Foundation with the support of the Economic Freedom Foundation states that in Slovakia, joining the euro zone contributed to increasing GDP by 7%. However, the lost growth opportunities related to the lack of the euro in Poland, according to various calculations, range from 2.5 to 7.5 percent. GDP.
Opponents of joining the euro zone point to the costs of the entire operation and the loss of part of our sovereignty: our monetary policy will be under the wing of the European Central Bank, so the Monetary Policy Council will not be able to make decisions on interest rates. “However, Poland would gain influence on the ECB’s decisions. Formal criteria for joining the euro zone should also be met, reminds “RP”.
Poles do not want the euro
And what do Poles want? “In your opinion, should the new government of KO, Third Way and the Left strive to introduce the euro currency in Poland?” – this question was asked by the participants of the survey conducted by the IBRiS studio for Radio ZET. As many as 62.9 percent of respondents do not want any action in this direction, of which 43.4 percent answered “definitely not”, and 19.5 percent “probably not”. 21.2 percent of respondents have the opposite opinion, while the answer “definitely yes” was given by only 7.9 percent. respondents, and the remaining 13.3 percent “probably yes”.
Poland’s entry into the euro zone is opposed primarily by PiS voters (85%). 43 percent respondents who support the introduction of the European currency are supporters of the liberal-democratic camp (KO-PL2050-PSL-Lewica).
Michał Kobosko, an MP from the Third Way, was asked about the adoption of the euro in the program “Guest of Radio Zet”. – We said that Poland should resume the process of preparing to adopt the euro. Today or tomorrow there is no such possibility – said one of the leaders of Poland 2050.
