Prof. Dr. Hab. Janusz Bilski, retired employee of the University of Lodz, believes that the introduction of the euro is dangerous for Poland from an economic and political point of view.
Professor of Economics Janusz Bilski explains the threats resulting from Poland’s potential accession to the eurozone. In the magazine “Obserwator Finansowy” Prof. Bilski writes that “the long-term deviation of the real exchange rate from the nominal exchange rate in some eurozone countries petrifies the traditional sectoral structure of GDP creation, which inhibits the growth of labor productivity and reduces the external competitiveness of economies.”
As Professor Bilski explains: “The Polish economy is still immature, technological differences, the development of the financial system, the level of competitiveness require accelerated modernization. Our economy is only emerging from dependent development, time is needed. A necessary condition for Poland’s economic emancipation is maintaining a high level of flexibility of markets and market mechanisms. An independent monetary policy and the possibility of changing the exchange rate play a special role here. An efficiently functioning channel for adjusting the nominal exchange rate allows for avoiding disruptions between the real and nominal exchange rate. Additionally, a floating exchange rate is an important instrument of the country’s economic policy.”
Slovakia’s losses
In this regard, Professor Bilski’s conclusion is unequivocal. In his opinion, “Poland should not join the eurozone due to the threats resulting from the current mechanisms and management system in the EMU (economic and monetary union – editor’s note)”.
In turn, Prof. Adam Glapiński, President of the National Bank of Poland, noted in his text in the same letter that since adopting the euro on 1 January 2009, Slovakia’s GDP has decreased from 73% to 68% of the European Union average, while in Poland, which has not adopted the euro, the same indicator increased from 56% to 79% in 2022.
Source: www.obserwatorfinansowy.pl