The event was opened by Arkadiusz Muś, entrepreneur, founder and president of EFF, and Magdalena Jakubowska, vice-president of RPF. The first panel, “The future of Poland in Europe. Scenarios depending on the adoption of the euro”, included Julia Patorska (Association of Polish Economists and Deloitte), professor Andrzej Rzońca (SGH Warsaw School of Economics) and Wojciech Przybylski (RPF) and was moderated by Jakub Karnowski (member of the EFF Board). All interlocutors agreed that Poland’s entry into the euro zone could be beneficial. However, prof. Rzońca pointed out that after joining the euro zone interest rates in Poland may drop too low – which would be also the greatest threat associated with the accession. Nevertheless, he emphasized that there are economic policy tools that can reduce this problem – and by adopting the euro we would strengthen the community of interests and community of values with the euro zone countries.
– Since we currently do not meet the conditions for joining the monetary union, further European integration would require the recovery of finances. The latter may be even more important than the adoption of the euro itself – noted Julia Patorska.
“Entering the euro zone should not be an end in itself, but the culmination of efforts to bring the Polish economy to a state where adopting the euro is possible,” she added.
A healed economy could deteriorate again, which is why “we need the euro to protect ourselves against irresponsible politicians”, commented Jakub Karnowski. However, it will not be possible to introduce the European currency in Poland if Poles are still insufficiently informed. According to Wojciech Przybylski, the lack of information is the reason why people are afraid of changing the currency. At the same time, the other EU member states that have joined the community since 2004 are adopting euro.
Another panel “Why ‘yes’ to the Euro?” featured professor Małgorzata Starczewska-Krzysztoszek (University of Warsaw) and professor Witold Orlowski (PWC). The conversation was chaired by Konrad Piasecki (TVN24). The interlocutors noted that joining the euro zone poses various risks, but we can prepare for them in advance – and the benefits from eliminating transaction costs and the costs of insuring against exchange rate fluctuations are something worth striving for.
During the conference, Krzysztof Kowalczyk (Rzeczpospolita) conducted a conversation with the special guest – former Minister of Finance and Minister of Foreign Affairs Andrzej Olechowski. According to Olechowski, there was already an opportunity to join the euro zone, but it was missed by Leszek Miller, who should have announced further dates for deepening integration immediately after Poland joined the EU. Currently, adopting the euro will not be possible without a large-scale information campaign. “People will always be unconvinced and we need a broad information campaign, but it must be done,” concluded the minister.
The second part of the panel “Why ‘yes’ to the Euro?” with professor Joanna Tyrowicz (University of Warsaw) and professor Robert Gwiazdowski (University of Lodz), was led by Agata Stremecka (FOR). Prof. Gwiazdowski stated that he changed his perspective on Poland’s accession to the euro zone to a more favorable one, regarding the Russia’s attack on Ukraine. According to Gwiazdowski, in situations of security threat, it is better to have savings in euros rather than zlotys or hryvnias. Tyrowicz pointed out that the euro zone is becoming an increasingly optimal currency area. Moreover, there are already people on the labor market who were born in the euro zone and do not know a world without this currency. In the light of the condition of the euro zone, considering whether to join it seems incomprehensible. “Especially that when Poland joined the European Union, it declared that it would adopt the common currency”, said Joanna Tyrowicz.
The conference was summarized by Marek Tatała (CEO of EFF) and Wojciech Przybylski (president of RPF). Marek Tatała declared that the Economic Freedom Foundation would carry out activities to ensure that the discussion on entering the euro zone continues and support for this matter increases. The “Euro: Security Zone” conference is just the beginning of EFF’s activities to achieve the ultimate goal of adopting the euro in Poland. We encourage everyone interested in cooperation in this area to contact the foundation.
