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Poland’s National Bank President, Adam Glapiński, has raised concerns about proposed changes to EU treaties, highlighting their potentially profound economic consequences for Poland. During a conference in Warsaw, he emphasized that these changes could mark the first step towards creating a federal European state. One key amendment under discussion is the adoption of the euro as the official currency for EU member states. Glapiński argues that this move would compromise Poland’s monetary policy independence.
According to Glapiński, Poland will only consider entering the eurozone once it achieves economic development levels comparable to the wealthiest EU nations like Germany and France. He clarified that Poland has the option to voluntarily join the eurozone, as stipulated in the European treaty, with a derogation clause. This means Poland can make this decision at its discretion.
Challenges and Considerations
Glapiński’s stance on the euro is rooted in the belief that Poland’s current economic situation does not favor eurozone membership. One major concern is the loss of control over its monetary policy, as eurozone members adhere to a common monetary framework. This situation could potentially limit Poland’s ability to respond flexibly to economic challenges.
Poland’s position on the euro underscores the country’s commitment to maintaining its economic sovereignty. While the possibility of adopting the euro remains open, Poland is determined to do so on its terms, ensuring that its economy is well-prepared for such a significant step.