Poland: Is it Ready, and is it Time to Adopt the Euro?


Przemysław (Prem) Polaczek

About Przemysław (Prem) Polaczek

Przemysław (Prem) Polaczek is Managing Partner and Director at the International Business Centre, Grant Thornton Poland, where he has worked for two decades. He started his career in assurance, where he worked with multinational clients and served as Head of Audit for ten years. Prem concentrates on providing value added consulting, high level advisory and international project coordination of services to existing and new entrants to the Polish market.

When it joined the European Union in 2004, Poland was obliged to adopt the Euro (providing the country meets the Maastricht criteria) in the same manner as the other nine new member states and the three which entered the Block in 2007 and 2013 — at some undefined point in the future. Since then, the Baltic countries, Slovakia, Slovenia, Cyprus and Malta have all changed their national currencies, but Poland, the Czech Republic, Hungary, Romania, Bulgaria and Croatia have not yet done so.

In September 2008, the then Polish Prime Minister and now the President of the European Council, Donald Tusk, announced that the government would do its best to meet the currency criteria so that the country could use the Euro in 2011. However, the global financial crisis was on the horizon and even though Poland remained “a green island” of growth in Europe, the Prime Minister was forced to swiftly change his plans.

In 2010, Polish entrepreneurs were almost unanimous about Poland’s joining the Eurozone. As many as 85 per cent of them claimed that it would have a positive influence on the Polish economy and consequently, their businesses. In the next few years this percentage declined regularly because of the crisis in the Eurozone that was provoked by the fiscal problems of Greece, Spain and Italy and, in 2015, support for the Euro dropped to 42 per cent.

However, it seems that this trend is changing as support for the Euro among Polish entrepreneurs and managers has increased to 58 per cent, in 2016, which is the highest result since 2013. This change of attitude in Polish businesses towards the Euro may be caused by two facts: the stabilisation in the Eurozone and the high fluctuation of the Polish złoty, in 2016.

If we take a step back and look at the fiscal problems of Greece, Spain and Italy in 2010-2011, the future of the Eurozone was not sure at that time. There was even a fear that the idea of a common currency in Europe would not survive the crisis. However, the Eurozone seems to have managed to overcome those problems. Today, the ten-year Greek bond yield has fallen significantly, since the beginning of 2012, as well as similar securities in Spain and Italy. The financial markets of those countries are not afraid of insolvency and the Euro can once again be perceived by entrepreneurs as a stable currency.

Increased support for the Euro among Polish entrepreneurs and managers may also result from fluctuations in the EUR/PLN exchange rate, in 2016. Last year, the price of the Euro oscillated between PLN 4.22 and PLN 4.52. 

The scale of this variability is clearly seen in the following example: within the first four months of 2016, the EUR/PLN exchange rate decreased firstly by PLN 0.25 and then it increased by PLN 0.19. Those huge fluctuations made Polish companies that were dealing with foreign contractors somewhat anxious because, to a certain extent, their financial results depended on the exchange rate. About 80 per cent of Polish international trade is accountable in Euro, so entering the Eurozone will significantly decrease currency risk and simplify transactions with foreign companies.

Despite the results of the Brexit referendum and criticism of the European Union, Poles — unlike their current government — are still supportive of the Block. In November 2016, as many as 85 per cent of Polish citizens were in favour of their country remaining in the EU.  It remains to be seen whether entrepreneurs’ support for the Euro will now make the government consider accession to the Eurozone.


The views expressed in this opinion editorial are the author’s own and do not necessarily reflect Emerging Europe’s editorial policy.


A Positive and Modern View of Entrepreneurship

The Morawiecki Plan Promises a Brighter Future for Poland

Ukraine’s Reputation for Cheap Labour May Not Ring True in the Long-term

We, the Post-Communist Generation, Have the Skills to Rid of the Past And Create Our Own Future

China: A Giant That Is Hard to Crack

Central and Eastern European Consumers Are Joining the Global Trends for Change

European Volatility Makes Economic Development Slower for Ukraine

The Global Outsourcing Industry — the Rise of the Phoenix

The EU’s Choice: Fundamental Reform Or Disintegration

EU Visa-Liberalisation Strengthens Georgia’s Pro-Western Path

georgia emerging europe eu

Changing Perspectives and Showing That True Romania is a Vibrant Innovative Country

PiS Uses Media Control to Bring Poland to Heel

Jaroslaw kaczynski pis emerging europe

Europe at Odds over OPAL and Nord Stream 2

Stuck in Neutral: Georgia’s Constitutional Reforms

Tbilisi Parliament Georgia

The Netherlands’ Objection to the Ukraine-EU Association Agreement could be Costly to Europe

Bulgaria Needs a Reform-Oriented Government to Take Full Advantage of its EU Membership

bulgaria emerging europe

Falling into Old Ways in 2017? Ukraine’s Struggle for Functioning Economic Institutions

International Women’s Day — Let’s Take Action And Then Celebrate

Examining How a Strong Swiss Franc Could Single-Handedly Topple Poland’s Economy

Romania Surviving the Waves of Recent Political Tsunamis in Europe

Measuring Growth of Societies with GDP Alone Shows an Incomplete Picture

The Sharing Economy Could Bring New Business Models to CEE

2018 Elections — Vital Decisions for Hungary’s Future

Victor Orban energing europe

Big Fish, Small Fish, Where to Fish? On the Eve of the Fourth Industrial Revolution

EU-CEE Is Still Growing at a Healthy Rate

Prague emerging europe

CEE — Do We Need a Launch Pad For Our On-Site Tech Intelligence in the Silicon Valley

Poland’s Unicorn, Slovakia’s Flying Car and the Future of Europe

Not All Quiet on the Eastern Front

Good Match But Unlikely Marriage

Let’s Stop Wasting Time Redefining our Place in Europe

Ex-Transition Economies’ FDI Recovery

dollar euro fdi

Serbia’s New PM Is Cut From a Familiar Cloth

Serbian flag emerging europe

Polish Tax Laws — Fighting a Winning Battle Against Tax Evaders

LGBT in CEE — A New Acceptance Is Being Born From Migration

The Long Tail of Global Expansion

Czech Own Currency Insures Against Euro Losses

Euro Czech republic emerging europe

January Kicks Off an Exciting Year for Emerging Europe

The Voice of European Business Must Be Heard Loud and Clear by Brexit Negotiators

Business Moving Forward with Cautious Optimism — Can Investors Win the Confidence Game?

A New Division Between Eastern And Western Europe?

Brexit: Let’s Learn the Lesson and Hope a Better Europe Will Arise

Europe Needs To Be More Proactive In Embracing Armenia

United or Divided? Europe in the Face of the Challenges of Tomorrow

History as Destiny? Institutional Erosion in Ukraine and Poland

After 25 Years of Restructuring, the Romanian Power Sector Is at a Crossroad

How strong is V4?

Viktor Orban

Are Labour Shortages Driving Economic Growth?

Impact of Brexit on EU-CEE Not Overstated

theresa may brexit

Poland’s Drift Away From Democracy

The EU’s Benign Neglect Of Eastern Europe

The GREAT London Food Scene

Bakery in London

Fiscal Policy Predictability in CEE — It’s Time for Change

Adam Smith’s Warning for Poland

Outsourcing in Germany: Stop Talking at and Start Talking to

Hungary’s Nationalist Assault on Free Enquiry

victor orban ceu

The Capital Markets Union: a New Beginning in the European Financial Sector?

Prepare for a New Europe

The Competitive Edge in Central and Eastern Europe

SOFIA BULGARIA - MAY 5: View of the Ivan Vazov National Theatre in Sofia on May 5 2016. Sofia is the largest city and capital of Bulgaria.

A Bosnian Referendum Shows Russia’s Influence in the Balkans—As Well As Its Limits

Nagorno-Karabakh Conflict Moves from Frozen to Kinetic


Finalising the DCFTA is Expected to Bring Multiple Benefits to Ukraine

Where’s My Cheese? – The GREAT British Food Tour 2014

Cheese Shop

Global Expansion in the Digital Age

How Will Trump’s Visit Affect Polish Politics?

Donald trump

Czech Republic Renaming Has Real Economic Costs

Poland’s Capital Saturation Lower Than the Czech Republic’s

deloitte fdi poland

Moldova Falls Victim to Politicising

moldova emerging europe

Breaking With Imitations of the Past

Resignation in Ukraine: War, Revolution, Crisis — Some Things Never Change

Macedonia’s Controversial Coalition Government

SKOPJE MACEDONIA emerging europe

Azerbaijan: The Rich Get Richer and the Poor Get Nothing


Can Armenia Keep a Foot in Both Camps?

European union armenia russia emerging europe

How Will Poland Approach the Brexit Negotiations?

People Power Reminds the Government of the Rule of Law

Could the West At Least Help Ukraine To Insure FDI Against Political Risks?

Are There Differences Between How Tax Regulations in Poland and IAS Treat Intangible Assets?

Will the New Five-day Visa-free Regime Encourage More Visitors to Belarus?

The CEE Region Is Making Advances in Prioritising Waste-to-Energy Projects

Poland Needs to Cling to the Eurozone

zloty euro emerging europe

Will a Two-speed European Union Side-line the Visegrad Four?

Belarus 2020: Turning the Vicious Circle Into an Upward Spiral

Old Fashioned Skulduggery Overshadows the Elections in Moldova

Poland’s Confusing GDP Growth

The Right to Water: Who Can Change Today’s Situation?

Albania’s Election Apathy

tirana albania

Leave a Reply

Your email address will not be published. Required fields are marked *