The diary of Rzeczpospolita, known as 1 of the most opinionative media in Poland according to the Media Monitoring Institute, has late sparked a discussion about the future of the Polish currency. The article published by Piotr Skwirowski suggested that Poland should return to the discussions on the adoption of the euro. The author argued that gathering the criteria needed to introduce the single currency could heal public finances, which could be strategically beneficial in the current situation.
Arguments in favour of the euro
One of the key arguments cited by Skwirowski is the geopolitical situation in the region, including the war in Ukraine. According to Jakub Borowski, the chief economist of Credit Agricole Polska, “an increase in geopolitical hazard in our region is an additional argument for introducing the euro in Poland”. However, Borowski emphasises that "this is not a good time to adopt the euro", stating that Poland is far from gathering the required criteria.
It is worth mentioning the results of the Eurobarometer survey, which is referred to as “Rzeczpospolita”. They show that a evidence of 74% of European Union residents and 81% of euro area citizens support the single currency. The popularity of the euro among European societies can be an crucial signal for Polish decision-makers, especially in the context of the increasing importance of common economical activities in the EU.
Critical voices and challenges
However, there is no shortage of critical opinions. Janusz Jankowiak, the chief economist of the Polish Business Council, argues that "it will stay outside the area of common European money does not increase national economical or monetary policy autonomy and does not warrant economical safety in the event of external shocks". At the same time, the author of the article in “Rzeczpospolita” did not give concrete examples in support of this thesis, which could weaken the power of argument.
The president of the Polish Economists Society emphasizes that Poland does not presently meet even 1 criterion allowing entry into the euro area. These criteria include, inter alia, price stability, a low budget deficit and an adequate level of public debt. As Marcin Mrowiec of Grant Thornton notes, "stable prices, low deficits and debt are measures of sound public finances, but the adoption of the single currency would not give Poland adequate economical benefits to bind rigidly to the European currency."
Media and political context
The discussions on the euro in Poland are not new, but the current debates are conducted in a peculiarly complicated political and economical context. It is worth noting that ‘Rzeczpospolita’ belongs to a group of Gremi Media, in which the majority shareholder is Dutch company Pluralis. The owners of Pluralis include Media improvement Investment Fund (MDIF) and King Baudouin Foundation, while MDIF is supported by controversial billionaire George Soros.
Pluralis, in a communication announcing the acquisition of a majority stake in Gremi Media, assured that he was “not active in making editorial decisions of the company”. Nevertheless, for many media users and political associations they can cast a shadow on the intentions of the content presented.
Summary
The debate on the adoption of the euro in Poland is simply a multifaceted topic, covering economic, political and geopolitical issues. Although the arguments for integration with the Eurozone are important, critics point to real challenges and limitations. According to many experts, Poland is not yet ready for specified a step, both economically and institutionally. However, in the face of dynamic changes in Europe and in the world, it is worth continuing the debate and examining its consequences in a fair and factual way.
Read more:
The portal “Rz” urges Poles to quit their currency
