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29 Mar, 2023 11:06

Poland not ready to ditch zloty for euro

Keeping the national currency allows Warsaw to maintain independence and sovereignty, according to the central bank
Poland not ready to ditch zloty for euro

Poland’s central bank governor, Adam Glapinski, has urged the government to not allow the abandonment of the national currency, the zloty, in favor of the euro.

The current government has opposed joining the Eurozone for the foreseeable future. 

Maintaining our “own currency brings many benefits. Thanks to [the fact that we have] our own currency, which allows for a sovereign monetary policy, Poland has been able to enjoy stable economic growth for years,” Glapinski wrote in a letter to the participants of the Monetary Sovereignty Forum, which took place in Warsaw on Tuesday. “We should not and cannot give up the zloty,” he said.

He also pointed to the role of cash in economic transactions as a stabilizer of the economy, especially in times of crisis.

Glapinsky has been a vocal opponent of joining the Eurozone, claiming it would be “extremely harmful.” According to him, keeping the national currency is crucial for the country’s independence and sovereignty. The central bank governor previously vowed to block the move as long as he is in charge of monetary policy.

Poland joined the European Union in 2004. Under the terms of the Treaty of Accession with the EU, all new member states should participate in the economic and monetary union from the date of accession. This means that Poland is required to eventually replace its currency with the euro.

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