Poland unlikely to adopt EUR

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Poland unlikely to adopt EUR

05-12-2024 16:18

Poland unlikely to adopt EUR

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Poland unlikely to adopt EUR

Poland is buzzing with debate! Most citizens do not want to ditch their złoty for the euro. Many Polish politicians are also not on board with adopting the single currency.

A recent study by the THINK foundation figured out that only 23% of Poles support introducing the euro. Meanwhile, 48% oppose it. The rest seem to be wondering if this argument will ever end.

People are worried about the potential fallout of switching to the euro. The main fears are rising prices, the need to spend less, and the country’s GDP taking a nosedive. Basically, Poles believe that joining the eurozone could lead to a headache worth avoiding.

Only 3 out of the 10 countries that joined the EU in 2004, namely Poland, Hungary, and the Czech Republic, have yet to adopt the euro. In Poland, debates about the euro’s necessity have been ongoing for years. Politicians often bring up polls like this one to back up their resistance.

Adam Glapiński, the head of Poland’s central bank, has made it clear that as long as he is in charge, Poland will not join the eurozone. Back in 2017, then-Deputy Prime Minister Mateusz Morawiecki said switching currencies would not be possible for at least a decade. He said the country would consider such an action when its economy matches that of Germany, France, and the Netherlands.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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