The last stage of the pandemic crisis, i.e. the inflation shock and the accompanying turbulences in the global financial markets, treated Poland extremely unfairly. However, the zloty depreciated the most in the region and inflation basically spiraled out of control.
– Our central bank has unfortunately made a lot of mistakes in recent months and has lost its credibility. Today We pay a high price for being outside the euro area, without importing the credibility of the European Central Bank in the form of exchange rate fluctuations and an increase in the price of money – says “Rzeczpospolita” Janusz Jankowiak, chief economist of the Polish Business Roundtable
Strong support for the single currency
According to many economists, it is the unfortunate policy of the NBP that may be an important argument in favor of adopting the euro. In mid-2021, support for the single currency unexpectedly increased by as much as 8 percentage points, to 56%. (Eurobarometer), compared to mid-2020. If Poles realize that, inter alia, Due to the central bank’s mistakes, they may pay three or four times larger loan installments, and the sentiment towards the euro may increase even more – we read in Rzeczpospolita.
There are more and more arguments in favor of joining the euro area. Even the Ministry of Finance in the “Monitor convergence with the EMU” issued in December 2021 admits that building competitiveness through a weak own currency does not make sense. And he writes that “it is necessary to increase the structural competitiveness in order to develop non-price advantages by creating incentives to increase the innovativeness of the economy”.