On the one hand, the common currency is an element that strengthens the concept of a common zone, especially in economic and economic fields. On the other hand, we see threats related to the common currency, especially nowadays – says economist Marek Zuber in an interview with DoRzeczy.pl.
DoRzeczy.pl: There is increasing talk about changes that need to be made to the European treaties. One option is that every country is obliged to adopt the euro. What could this mean for Poland and the Polish zloty?
Marek Zuber: We must remember that when we joined the European Union, we promised to adopt the euro. Currently the formula in the treaties is not clear. We joined the EU in 2004, today it is 2023 and we still have not adopted the single European currency. Yet this is a topic of great discussion in Europe.
Why?
On the one hand, the common currency is an element that strengthens the concept of a common zone, especially in economic and economic fields. On the other hand, we see threats related to the single currency, especially nowadays when inflation has increased enormously. Inflation factors did not work the same in every country. Spain had a very different situation in terms of gas price increases, and Germany had an even different one. This is where monetary policy comes in, it has to adapt to everything and is the same for all eurozone countries. It is clear that the current interest rate level in the Eurozone is too low and too high for others. However, having your own currency gives you the opportunity to conduct monetary policy, as we observed in Poland.
Would the introduction of the euro in Poland help the Polish economy?
I am enthusiastic about the introduction of the euro and I believe that this step would help the Polish economy. But today is not that time. Moreover, we do not even meet the nominal conditions for this. I think it is important to specify real criteria that sit alongside the nominal criteria. A reference to it would provide greater certainty in the introduction of the single European currency, so that entry into the eurozone would be accompanied by a predominance of positive factors, including the absence of the exchange rate risk factor.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
