Currency of euro in Poland. Andrzej Domanski thinks it's a bad idea

Change of currency in Poland

Every now and then there is simply a question of the introduction of the euro in Poland. This thought has both its supporters and opponents. Prime Minister Donald Tusk expressed his support for joining the euro area, which he stressed many times during his speeches. Szymon Hołownia besides has a akin position, calling it the "Polish state ration". This was reflected in the 2050 Polish electoral program.

Andrzej Domanski, Minister of Finance, expressed a different position on this matter. It opposes the introduction of the euro. He justifies his opinion that this could negatively affect the Polish economy.

Speaking on the Radio Zet programme led by Bogdan Rymanowski, Domanski stressed that most respondents surveyed besides did not support the introduction of the single currency in the EU, including a associate of Tusk's cabinet. The Minister of Finance argued that the Polish currency was so far beneficial to the country's economy and supported its improvement even in times of crisis. In addition, Domanski assured that his ministry was working on a task concerning a tax-free amount of PLN 60,000, which was the promise of the civilian Coalition at the beginning of the rule.

However, the main problem is that Prime Minister Tusk late stated that there was no budget for specified taxation improvement either in 2024 or 2025.

Poland does not meet the criteria

Already in the beginning of 2024, Domanski estimated that Poland was not ready to introduce the euro. At the time, the Ministry of Finance stressed that stabilising the economical situation is essential in order to accurately measure the possible of gathering the convergence criteria and to set a credible date for the adoption of the euro by Poland.

During the period we are talking about, according to the Ministry, Poland has not yet met the conditions essential to adopt the euro. This proposal was based on analyses by the Ministry, which regularly monitors the degree of convergence criteria and the competitiveness of the Polish economy compared to another EU countries.

The Ministry of Finance reported in January that the then nominal convergence estimates indicated that the criteria for price stability, interest rates and exchange rate stableness were not met. The fact that gold was not included in the European Course mechanics (ERM II) was peculiarly important. This affects the assessment of compliance with the second criterion.

Full consent with president Kaczyński: NO for the euro in Poland! pic.twitter.com/H1HwfgKU2d

— Marcin Henka 🇵🇱💯 #BabysLivesMatter (@MarcinHenka) April 4, 2024

2008 Promises

Prime Minister Donald Tusk promised to rapidly join the euro area in 2008. Since then, however, no work has moved in this direction that would consequence in any progress. The president of NBP Adam Glapiński is opposed to the introduction of the euro, as well as many politicians from the ruling coalition who avoid making their views clear about it.

Poland, of course, is not the only country that has not adopted the currency under consideration. Swedes, Danes, Romanians and Hungarians stay outside the euro area.