The Sarmatian Review
THE SARMATIAN REVIEW Vol. XXIX, No. 3 September 2009 Polish Everydayness A street scene in Kraków in June 2009. Photo by Sarmatian Review staff. September 2009 SARMATIAN REVIEW 1491 Poland and the Euro Poland a 10 billion euro credit line, described as a currency swap agreement, to prevent further Leo V. Ryan, C.S.V. depreciation of the zloty. By December 2008 the zloty seemed to have stabilized.[4] and Richard J. Hunter, Jr. Witold Orlowski observed that one of the main drivers of Poland’s successful transition has been its n November 2008 the Tusk government announced continued ability to attract foreign direct investment, Ia plan to adopt the euro by 2012, although the prime based on the interplay of four solid fundamentals: high minister stated that, should adverse circumstances arise, labor productivity, moderate labor costs, safety of the plan was open to “discussion” and possible delay. investments, and good location.[5] According to a This decision was somewhat controversial since it not report issued by the World Bank, Poland exhibits a only required an amendment to Poland’s Constitution “robust financial system, a relatively sound banking but also the unusual cooperation of Poland’s two major system, and an overall external debt which is relatively political parties—now bitter rivals on the Polish moderate compared to more vulnerable countries.”[6] political landscape—and perhaps even a national Joining the Eurozone would strengthen Poland’s referendum. Despite an overwhelmingly positive international position. consensus about Poland’s European Union membership today, fundamental policy differences exist between THE EURO DEBATE: ECONOMIC AND MONETARY PROS AND two major parties, PiS and PO, and they were reflected CONS the parliamentary elections in 2005 and 2007.
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