Central bank chief describes Polish euro adoption as "deeply harmful" - The First News

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In the NBP governor's opinion, euro adoption in itself would not help in the fight against inflation. Radek Pietruszka/PAP

Adopting the euro in Poland would be deeply harmful and result in a "radical drop" in the rate of GDP growth, the head of the National Bank of Poland (NBP) warned on Thursday.

Adam Glapiński went on to say that making the euro Poland's currency would benefit "the richest, who invest abroad, have property abroad, spend money abroad."

"Adoption of the euro by Poland would mean a radical drop in the rate of GDP growth," he said. "For Poland it would be deeply harmful. We have a Polish economic miracle among other things because we have a Polish currency, which is freely shaped by the market. It is one of the few currencies in the world that is entirely free-market formed."

Glapiński added that "contrary to the doomsayers," and despite a lack of interest-rate changes in recent months, "the course of the zloty is good, the zloty has strengthened and stabilised."

In the NBP governor's opinion, euro adoption in itself would not help in the fight against inflation. He pointed out that in some EU countries that have the euro, inflation has exceeded 20 percent.

"Post-communist countries that have the euro... often have inflation above 20 percent, and they have their interest rates set by the ECB (European Central Bank - PAP) in Frankfurt," Glapiński said.

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