Well, your American fellow should have, actually, been happy that he had Euros. He could exchange them to PLN anywhere in Poland at a very good exchange rate.
Wiele lat temu, kiedy jechałem na Ukrainę na wakacje, byłem pewien, że nie potrzebuje paszportu. Po prostu nie wiem czemu założyłem, że Ukraina jest w Szengen. Ale jak się dowiedziałem jaka jest prawda i kiedy jak głupi biegałem po urzędach, żeby wyrobić paszport na czas, nie zastanawiałem się co jest nie tak z Ukraina, tylko plułem sobie w brodę, że jestem takim ignorantem i że tego nie sprawdziłem za wczasu. Rozumiem, że okolicznosci nie sprzyjały, ale wciąż "what's wrong with this country?!" to źle zadane pytanie, bo to nie z Polską coś jest nie tak:p
Funny thing about Euro issue is that our (Polish) constitution prohibits that and to change the currency you need an 2/3 of all of the representatives in our parlament that would vote in favor of that propose. (Article 227 paragraph 1 of Polish constitution to be precise which says that our national bank has the monopoly on emitting currency on the territory of the Poland )
In 2006 Polish goverment amended consitution in a way that puts ratified international agreements above constitution. So, basically Poland has no consititution, cause NATO, EU and UN agreements overwrite basically every part of it. But noone likes to talk about it...
@@Ussurin Not true. Polish constitution is above international treaties, but ratified international treaties are above local (Polish) bills. When there's conflict between the constitution and international treaty the Constitutional Tribunal gives instruction to the government, how such treaty could be implemented into the Polish law system (e.g. change constitution).
@@Ussurin Again NO. We amended our constitution in 2006 and yes it did 'solve' issue regarding EU law - but only in case of extradition (it added more or less "unless its part of international agreement" to the "no extradition" clause). No law can overwrite constitution because every law takes it power from it. So such overwrite would be equally meaningless as company deal trying to overwrite country law). And before someone starts with that badly mistranslated article 91.3 here you have better version: "If it results from a contract constituting an international organization ratified by the Republic of Poland, the law is applied directly, with priority in the case of collisions with the bills." - bills as ustawy - the constitution isn't a ustawa.
Yes that's right! According to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro. Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone. Euro state overall prosperity effect since the introduction of the euro up to 2017: Germany + 1,893 billion euros Netherlands + 346 billion euros Spain - €224 billion Belgium - €69 billion Portugal - €424 billion France - €3,591 billion Italy - €4,325 billion These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro. I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links: "Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen" "20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun" "wikipedia deutsch Euro# Nachteile" Translation: "Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro" "20 Years of the Euro: Losers and Winners An Empirical Study" "wikipedia english euro# disadvantages"
We in Poland keep our own currency because it simply means more independence. Why the monetary policy decisions should be taken in Frankfurt in Germany and not in Warsaw ? Fortunately because of the increasing power of our economy the Polish zloty's exchange rate is quite stable.
That's right, having your own currency means that Poland is not yet completely dominated by the EU! By the way, according to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro. Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone. Euro state overall prosperity effect since the introduction of the euro up to 2017: Germany + 1,893 billion euros Netherlands + 346 billion euros Spain - €224 billion Belgium - €69 billion Portugal - €424 billion France - €3,591 billion Italy - €4,325 billion These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro. I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links: "Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen" "20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun" "wikipedia deutsch Euro# Nachteile" Translation: "Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro" "20 Years of the Euro: Losers and Winners An Empirical Study" "wikipedia english euro# disadvantages"
PLN exchange rates is anything but stable. For quite some time it was actually the worst performing currency in the whole Europe, even worse than UAH or GEL. The president of NBP earns even more than Fed chairman even though his policies are clearly inferior.
Technically Poland doesn't meet requirements, but Poland kinda doesn't meet requirements on purpose. Having own currency let's you have better options when crisis comes of any kind. You don't need to negotiate with any other countries about anything. So we use catch 22 to get out of the obligation EU forces unto members. We also kinda are betting against Euro stability. Having heavily endebted countries lime Italy, Spain or Greece in currency union is kinda a problem. And limitations of Germany and France which want to keep Euro value high doesn't help anyway. Basically south and north of Eurozone want to get Euro to completly different points and neither point is beneficial to Poland nor does it points to good future of stability of Euro.
All of that is true. On the other hand, Poland is not that large and the Polish zloty tends to be bundled with other eastern european currency... including russian ruble. Just look what happened recently - we took a hit from the sanctions, at least initially, simply because we're seen as being in the same basket. Using euro we would be safe from that. So... it's a complicated matter and I honestly think even the best economists aren't completely sure which choice is better for us, as it very much depends on what happens in the future. So the choice to stay with the zloty seems to me to have a simple justification - it's not 100% certain which is better, but with zloty we have control and with euro we give that away. Of course this decision has it's consequences, as we can see with the current inflation. For me personally a switch to euro would be definitely better for many reasons, some based on my views and expectations, some very objective in my personal situation, but I realize that for most Poles there is little practical difference in everyday lives. And I don't feel competent to discuss seriously the advantages and disadvantages of either option without a degree in economics, so... It is what it is.
@@adamkozakiewicz6766 I'd say the current fall of exchange rate (inflation is a specific thing that contributes to that and is high, but is not the only thing) of złoty is compounded by many different things and none of them is being bundled with rubles. For once you have Polish Central Bank refusing to raise rates (which defeats the whole reason why we want ohr currency independent), then there's massive printing fueling walfare spending during last two years of goverment forbiden productivity, then you have the obvious thing of being in potential blast zone of Russia if they decide NATO helps Ukraine too much. And for the last point it wouldn't matter much if we had Euro. Add to that last tax code changes that are giving problems even to Ministry of Finances and over all bad climate for investments and you get many vompounding reasons why noone outside Poland wants to hold PLN. The only place you can spend it is in really bad situation, so right now at best you want to extract stuff from there, not invest into stuff that cannot be moved from there. And as for personal reason, I don't really see any benefit in holding fiat money, but if we gotta use on, then being in control of it is the minimum we should keep. But like, I'd be getting rid myself of whatever fiat our govt would decide to enforce on us, cause keeping value in fiat is just a bad idea, even if your central bank likes to keep inflation low. Cause it still means you are loosing buying powrr in time, while you could get something that at least keeps it value, like gold, silver or bullets, or you could get something that gets more valuable (potentially) like stocks, especially ones tha lay dividents.
@Adam Kozakiewicz @Ussurin is right. Euro haven't protected any country, current situation hit all members of eurozone, for example in Belgium they have 8,31% inflation in March. Euro seems to be useless, it serves to only one country:Germany. Great Britain quit EU, but as long as they were member state, they kept their own currency, they knew what they are doing.
Poland stay with the PLN. I work in the Oil & Gas industry and I did a study to identify potential new pressure vessel fabrication facilities that our company might use. Well all the fabricators in the Euro Zone were running a hourly burden rate of about 50-65+ Euros per hour, i.e. Germany, France, Belgium, Spain, etc. However, the non Euro Zone fabricators, like Poland, Romania, Czech, Hungary, etc. were running with an hourly burden rate of about 22-25+ Euros per hour. All fabricators compared had similar qualifications and the most important one being ASME U-Stamp certification. This study was done about 5 years ago and we then moved fabrication to Poland and the Czech - eventually Romania was also included. So it seems that being in the Euro Zone does not provide and advantage in this situation. Incidentally all invoicing was done in Euros with all these companies.
The The most important things first! According to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro. Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone. Euro state overall prosperity effect since the introduction of the euro up to 2017: Germany + 1,893 billion euros Netherlands + 346 billion euros Spain - €224 billion Belgium - €69 billion Portugal - €424 billion France - €3,591 billion Italy - €4,325 billion These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro. I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links: "Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen" "20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun" "wikipedia deutsch Euro# Nachteile" Translation: "Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro" "20 Years of the Euro: Losers and Winners An Empirical Study" "wikipedia english euro# disadvantages"
Poland has been one of the fastest growing economies in the world it was the only country to avoid the 2008 financial crisis and the country maintained the second lowest unemployment rate throughout the covid pandemic. There's no reason for Poland to ditch its own currency also the Euro has had debt problems in Greece, Italy, Spain, and in another countries.
When I was stationed in Germany, 2004-2006, I had many German friends who were very upset about Germany switching from deutsche marks to Euros. They told me everything was more expensive for them after the switch. As for Americans stationed there (not that they were a deciding factor, by any means), they also said everything became more expensive. As an Army National Guardsman now, recently deployed to Poland, I have to say that the exchange rate from dollar to złoty is very favorable, to the extent I may consider Poland as a retirement home. However, if they make the switch to Euros, that could change. I really hope not. I love the people and the culture in Poland. Everything being so affordable is icing on the cake.
UK knew as well, it's why we left....But Poland has a wonderful way of dealing with the EU, It's a bit like all that emissions stuff for cars....yes Poland put it all into the law books so it is a 'good EU member' but just does not enforce it.......So Poland can organise things that they will never meet the criteria to have the Euro.....as long as it suits them....the day it suits them they will join.
Having its own currency gives much more flexibility with adaptation to any current market situation, mainly with interest rates adjustments. Euro is favourable for bigger economies like Germany, which in normal circumstances would have strong currency (DM) not desired by its exporters.
I know my Poland, having been born in Poland but living in the states for the last 40 plus years. It is I think simply because Poland can keep its own currency. I think it is a tad of defiance. I think Poland has managed much better than many of its Euro neighbors. And, really, no desire or reason to change.
Good to see that the Poles are not suicidal. Euro is a tool used to impoverish people and to severely restrict their freedoms - look at Greece. In Czechia we also do not want the Euro - we want to live, we want to breathe. The ability of a govt to devalue the nation's currency as needed is extremely important.
I think not using Euro is a blessing for Poland, a country which is in much better position trying to avoid major financial f-ups made by Brussels by controlling it's own currency levels. On the other hand having a separate fairly strong currency as part of EU may also help to cushion effects of any financial crisis in EU helping it from the sides and making the Eurozone more stable so Brussels is happy to keep it that way for time being..
Yeah, great argument when 1 EUR costs more than 4,60 PLN. Indeed. Avodinig instability of EU financial crisis. Tell me how much PLN to EUR was worth before the war and COVID to sustian your claim?
@@spitfire87 depends on how you look at it, if your trying to by something new and imported ye its going to cost you an arm and a leg. if you're trying to attract work from out of Poland than its a great thing as you can offer a cheaper services and still profit large in you're local economy. and i am pretty sure Poland aims for a 1 euro to 4 zloty exchanger rate over all there doing as well as they did in 2009 and better than 2004.
@@LoveMyPoland some countries like Denmark got opt out from the euro part of the treaty. Others technically are obliged to join once ERM criteria are met, but nothing wil happen if they don't. So realistically speaking noone is forced to adopt euro - countries can delay it indefinitely
I talked with my friends from countries that adapted euro and all of them say it was a bad decision. Price of simple products changed and they have to pay 3x more for them now. Honestly I do not understand what is a profit of having unified currency in EU.
paying 3x more for things is ok if you earn at least 3x more. If your salary is 2000 zł and then 2000 euros, and thing was for 40 zł and now it is 30 euros - you still are in better situation. The problem is when you go from 2000 zł to 500 euros and prices still go like 40zł to 30 euros
What about ease of doing transactions? Maybe the products will cost more, but if we will earn more and have more trade with our euro parters it might be beneficial.
@@someonewhocares999 What ease? Do you have any problems with any transactions right now? Cant you open account in Euro or whatever currency you want and do whatever transactions you want? What about ppl like me who trade currencies? Do you want to take that away from me? Do you want to get rid of that entire "industry"? You can buy or sell Euro whenever you see fit right now. After you lose your own currency you will have less trade and transactions, not more like you argued. A lot of production that is exported because of good exchange rate of Euro will not be profitable anymore. Arguing for reduction of diversity in trade (everything the same) reduces opportunities to make business.
From my conversations with Polish people, this sounds accurate. I think it is less bothersome for travelers with the use of credit cards that work internationally (speaking from a non-pandemic, peacetime, US perspective from my last time there). Also, very kind of you to hold back from posting out of respect for Ukraine.
I believe that the Polish Constitution requires the use of the Zloty. Better for Poland to have its own currency than to rely on the Euro. Whether or not the treaty requires Poland to use the Euro, if the Polish people don't want it, it won't happen.
To this guy in the Embassy you should say that Poland is not there to resolve his personal problems. If he is crossing the border, he is accepting rules of the land. If he doesn't like them... then... vaya con dios. And I am saying it as a Pole living in the US for 20 years... many times, especially at the beginning, I questioned some things in the US and many American people were straight forward... "if you don't like it, leave."
Denmark and the UK were the only EU countries to have negotiated an opt-out from joining the eurozone. All other EU members are technically obliged to adopt the euro eventually, but they have to meet the criteria first. So if they don't want to join, then all they have to do is to not meet the criteria and that's exactly what Poland has been doing for 18 years.
And here's a great joke that sounds better in Polish: - Czy jest pan za przyjęciecem euro? - Oczywiście, przyjmę każdą ilość! For those who don't speak Polish: - Are you in favor of adopting the euro? - Of course I am, I'll adopt any amount!
Black Friday October 1984 I think. We adopted the ERM, the precursor to the Euro to regulate inflation. A week or so later the £ crashed George Soeos made a load of money & the chancellor had to do some explaining
It was wise of the British not to introduce the euro! By the way, according to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro. Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone. Euro state overall prosperity effect since the introduction of the euro up to 2017: Germany + 1,893 billion euros Netherlands + 346 billion euros Spain - €224 billion Belgium - €69 billion Portugal - €424 billion France - €3,591 billion Italy - €4,325 billion These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro. I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links: "Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen" "20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun" "wikipedia deutsch Euro# Nachteile" Translation: "Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro" "20 Years of the Euro: Losers and Winners An Empirical Study" "wikipedia english euro# disadvantages"
Several reasons actually: 1. Legal - in Polish constitution, Zloty is a legal tender. So before Poland would want to join Eurozone, the amendment to the Constitution would be required. 2. Political - current government considers Zloty a sign of national souveregnity - so no reason to change the legal status. 3. Economic, on several counts: a) Poland cannot now join ERM II (which entails a risk and requires a proper reserves for national bank, as you need to keep your exchange rate between certain bands) - however, it was possible for several years, and the decision was not made, because... b) Eurozone was in crisis after 2007+ economic crisis, so nobody wanted to board a possibly sinking ship. Actually, having national currency was one of the reasons why Polish economy went through that crisis relatively unscathed. c) Was in other comments - but there is an economic dilemma called "optimal payment area" - different areas have different monetary requirements (and even within US having one currency is not necessarily an optimal choice ;) ).
Hi Again - For your next video may I suggest one on Storks. This is now stork nesting season. I check my favorite stork nest in Ustron every morning (Toronto time) while I have my coffee.
Najważniejszy i prawny powód jest taki, że Konstytucja RP nie dopuszcza porzucenia złotego jako waluty narodowej. Trzeba by było zmienić najpierw Konstytucję, aby dopuścić taką możliwość, a przez te wszystkie lata nie było takiej woli politycznej, by wszystkie czy choćby większość sił politycznych w kraju zdecydowały się na taki krok. A poza tym jest oczywiście mnóstwo innych wymiarów: ekonomiczny, społeczny itd.
'Eventually adopt the Euro'. Well, if a specific date hasn't been set, it might as well keep being delayed indefinitely ;p And that's likely what most of the population wants.
@@Maja_J I wrote I'd and not We'd so I was kinda talking about myself. Euro is more stable. Look at what happened with polish zloty when Russia invaded Ukraine.
@@danielantoniewicz5964 even euro will be down if germany have border with country in war that how it is, but because before we dont have euro we dont have 2008 crisis so they are up and down i prefere zloty if you live in another conutry maybe for you eouro will be easier option no exchange needed but there no zloty is ok.
If you want to answer, check for example inflation in Lithuania today. Lithuania has the Euro today has 15% inflation and cannot even regulate interest rates alone to fight this inflation because they have no own currency. Generally Euro mainly favors the German economy if the European central bank does something, it also does so with the German economy in mind not Poland . if Poland will one day be rich as Germany will consider adopt the euro but it is risky because different European countries have different economies and societies with different mentality
Poland is obliged to make euro aa national currency, that's true. But also we managed to not put any date on that. It can take decades, maybe centuries - hey, personally I believe that 3268 seems a reasonable year to start an initial debate about euro in Poland ;)
If Poland would join the euro the value of their debt would be in the trillions, right around 1.7 trillion. Their debt to GDP would be around 240 percent. It isn’t a great idea for Poland to join the euro…
While the UK was part of the EU we also did not want to join the euro zone, even with all the threats from the EU trying to make us join we still stood our ground . One of the main reasons we kept the pound was that it gave us a lot more flexibility when setting interest rates which as you can see allowed us to grow our economy independently from the euro. We are now a financial hub for the banking systems of many countries around the world, so the key word here is flexibility ! I lived in Poland for 5 years from 2005 to 2010 in Gostynin more central Poland and at that time the Zloty went as high as 7 to the pound, I think its the only time in my life that I have never worried about money. And by the way I Love Poland. Great sights to enjoy Great food and last but not least Great people, I was pleasantly surprised that the Polish people have a great sense of humour very similar to ours ,by the way I live back in England now not far from Manchester. I think you are a great ambassador for Poland your TH-cam posts are terrific, keep up the good work. 👍❤👏👏👏👏👏👏
Poland’s zloty’s days are numbered…croatia adopts euro 2023, bulgaria adopts euro 2024…poland will be pressured by the EU and US next together with Romania to transition to euro…it just hasnt been the focus so far as other countries adopted the euro but it soon will be…hungary and czech republic are next as well…
Russell, this topic is late and out of date. In the face of what's happening now, ie the war in Ukraine and the REACTION of the European Union countries. Or actually two key ones: Germany and France. Germany is fighting with all its strength against making any move that would REALLY help Ukraine. More: this country is directly responsible for the genocide committed in Ukraine. This is evidenced by their response to the requests for help made by the Ukrainian ambassador to Germany in the first days of the war. This most important country in the EU said it didn't make sense, because Ukraine only had a few hours left. Before the war, Germany maintained the closest, STRATEGIC contacts with Russia and had to know its plans. We all know that Russia consulted them with China and talked about refraining from attacking until the end of the Olympics. So there were no consultations with Germany, right? They got to know the plans. And these plans were extermination. The EU commissioners, who are actually the representation of Germany, keep repeating: we have to be ready to shake hands with Russia. This means the prospect of new wars. France dreams of creating its own little empire. The country has left NATO and is leading little the wars in Africa. And cultivates the old strategic vector - interferes with the politics of Central and Eastern Europe countries. Recently, Macron brazenly rebuked Morawiecki for his firm attitude towards Russia. We still remember the words of Jacques Chirac 20 years ago: Poles _"wasted an opportunity to keep quiet"_ . What was that about? Poland, which was applying for EU membership at the time, supported the US intervention in Iraq... See? Currently, only the USA and Great Britain are the only ones who say directly and honestly that new crimes can't be allowed to happen and Russia can't be allowed to create future criminal plans. CONCLUSION: since there is no unity of the EU in matters as clear-cut and drastic as Russia war in Ukraine, no Union exists. There's only some tow-stuffed and embalmed mummy of Lenin. EU money is worth nothing, there's nothing to adopt.
Dzięki Bogu , że tego nie zrobiliśmy . Temat biedy w Polsce mamy już przerobiony . Historia służy do tego aby uczyć się na błędach swoich i innych . Z tego co mi wiadome inni wyszli na tej zamianie jak : " Zabłocki na mydle ".
Wpis bez konkretów. Odpowiedź jest prosta - można łatwo sterować kosztami wytwarzania. Obniżając wartość złotówki (kurs waluty), obniża się między innymi koszty pracy, wtedy polska siła robocza staje się bardziej konkurencyjna od tej ze strefy €. Z drugiej strony Polaka stać na mniej dóbr powiązanych z importem. I z trzeciej strony, za w 100% pochodzące z Polski towary, które są eksportowane Polak więcej dostaje w stosunku do kosztów produkcji. Czyli tak naprawdę dojenie tych najbiedniejszych, czyli standard w polskich realiach.
I wanted Euro at first, but when EU agreed we can have it, technology made problems with different currency easier to solve. So Im opposed to it (as UK was) as it will tie Polish economy to Germany. EDIT: And an Ukrainian said it. Does he want Ukrainian economy to be tied to Russia even more?
sorry mate, as only a mildly pro EU person myself I respect your opinion, but what the heck has the tie between Polish and German economy with Russian and Ukrainian economy has to do? firstly, it is far from accurate, the Ukrainian economy is far less linked to the Russian one than our Polish one to the German one already, and, most importantly, our tie has definitely proven to be positive, secondly, do you know the difference between the German economy and the Russian one, leaving aside obviously the political aspects? What do the Russian have to bring to the table? Gas oligarchy? With all due respect, you couldn't have come up with a most idiotic comparison.
For me there is also a historical / sociological reason - it is important for Polish society to have our own currency. After so many years of fighting for freedom / dependency of someone we would like to decide by ourselves about our country, have our own identity.
Honestly the only real answer I have is the old joke: Because we don't want to receive a whole monthly paycheck in just one bill. Other than that I never gave much thought why we still have złoty, but then again it was never realy much of a problem for me when traveling to other EU countries, because in most places I could still pay with my debit card (Holland being the one exception, but apparently because they have old terminals that our debit cards are too modern to use, and if I got an older card it would work) and my bank did the PLN to EU conversion on a reasonable enough exchange course that I never had any reason to have actually EURO on me while abroad.
Euro would have sense if 1) eurozone's fiscal policy & montary policy wasn't separate (in other words EU would have to become a country) and 2) Poland cought up economically
Hey, Russell. What do you think about this (for Polands continued economic growth)? "Skills and productivity growth will be key in facing future [growth] challenges. Shortages of skilled labor were already a key impediment to growth before the [corona] crisis and are likely to hinder digitalization of the economy where new skills will be needed." Question: Does Poland have enough postsecondary students? "To facilitate labor reallocation toward new technologies while at the same time avoiding the scarring effects of the pandemic, education and training need to be strengthened." Question: Are Polands tertiary institutions strong enough in an academic sense for todays technological requirements? "The general availability of skills needs to be enhanced through greater labour market participation of women and older workers. To this end, continuing to improve access to childcare,[...] would encourage less-qualified parents to return to work and improve the opportunities for children [...] to develop skills in the future." Question: Does Poland have enough women and/or elderly in the work force? "Air pollution, largely explained by the use of poor quality coal [...] in the housing sector contributes to the poor health outcomes. Government support for energy efficiency [...], modernising electricity grids [...], would help reduce emissions and could be an effective stimulus for the [economic?] recovery. Tightening regulations on energy consumption [...] deploying tax incentives, subsidies [...] would put the economy on a path to reduce the high level of [...] emissions. " -Is pollution a problem and does it effect the health of the Poles (nearest you) in general? What are _your_ observations? What have you seen or heard in your time here? So have a great day! source www.oecd.org/economy/growth/Poland-country-note-going-for-growth-2021.pdf
Poland does not want to have Euro because the monetary policy of the European central bank is regulated under the German economy. If Poland adopted the euro it would not be able to regulate interest rates depending on the needs of own economy.
You said: "Unfortunately its currency does not yet meet the standards..." How did you come up with that?? It clearly states "not yet within the exchange rate..." Completely different. There are numerous advantages to not be in Eurozone such a devaluing your currency to boost exports during global recessions etc. So, Poland is in no rush.
But it is true that Poland doesn't meet the Euro adoption requirements. There is 2 years probation period when exchange rate between Euro and PLN must fluctuate less than 3%.
Gregory is right. The main reason why they are trying to delay the euro-launch in Poland is that the Polish goverment think they will boost exports in crisis to rescue Polish economy... sad but true...
Have you heard about Copernicus? One of his less-known laws is "Weak currency pushes back stronger currency". Accepting EUR means going against natural economic law. That is why prices go up after switching to EUR.
Euro is second hand currency - which could be good, some times. Normal country like UK, never give up on the pounds... So I'm trying to belive Poland stay wise
The simplest answer, common currency works best when shared by similar economies. German and Greek economies are very different, and we all know what happened a few years ago when Greece couldn’t meet its credit obligations. So for Poland to adopt the Euro safely, the Polish GDP per capita has to get within 80% of the German GDP per capita.
Same here in Italy. In the first 2000's we were a bigger economy (the fifth in the world) so adopting Euro was pretty good and brought economy stability compared to the more volatile lira, at least until 2008... After that, we've become the 9th world economy and salaries are basically the same they were in 2002. We can't get out of eurozone because we'd lose 10% of savings and inflation due to currency change and we'll probably end like greece in a couple of years. That's why I think we should adopt the flexible euro: A strong Euro for the North and a weaker euro (maybe half or 1/3 of the real euro value) for countries in southern and eastern Europe. Then when these economies become comparable to Germany, the Netherlands or Finland you can adopt the actual euro. Having different currency has a lot of side effects, having a unified, but split in two systems, currency could solve that :D
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone. Euro state overall prosperity effect since the introduction of the euro up to 2017: Germany + 1,893 billion euros Netherlands + 346 billion euros Spain - €224 billion Belgium - €69 billion Portugal - €424 billion France - €3,591 billion Italy - €4,325 billion These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro. I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links: "Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen" "20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun" "wikipedia deutsch Euro# Nachteile" Translation: "Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro" "20 Years of the Euro: Losers and Winners An Empirical Study" "wikipedia english euro# disadvantages" By the way, according to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
So is california and texas economies very different…your arguement is fake…poland hasnt adopted euro as the were wasnt enough pressure to do so far…after croatia and bulgaria the EU and US will agree to pressure poland to adopt euro or it will not be looked favorably at all and you are very close to kallinigrand! :D
@@SatchelChannel That is wrong…Italy fell because of the 08 financial crisis…nothing to do with the euro…your growth levels were very low and you need to modernize…euro brings stability…the 08 crisis would have put Italy into default without the euro…learn economics
@@II-kd1gi California and Texas are part of the same country, the US. This means there is a good share of internal transfers balancing the differences. A similar arrangement in Europe would effectively mean the creation of the Unites States of Europe. Today, the ECB and the FED also follow different rules and objectives in their fiscal policies.
In order to join the euro Poland has to enter the Exchange Rate Mechanism, most people are against it so zlotys are here to stay too. Polish prime minister said he would be open to the idea once Polish gdp ppp per capita approaches 85% of Germany.
The short answer is that we are too poor. My nice salary is in fact only 750 euro. Can you imagine paying for anything after the switch to Euro? And it's not that most Poles are against Euro. But we might struggle more in the face of some financial world crisis.
Why doesn't America adopt The Euro?? The Rouble? The peseta? Because they are a proud, independent country. Why doesn't the UK have the Euro...maybe because we are also a proud independent country.......why doesn't Poland have a foreign currency as their own?? Maybe you can guess the answer?
@@LoveMyPoland Russ I think Poland has done a better Job handling the EU than the UK or any other European country......If I had Poland handling my divorce, my ex wife would have been paying me to this very day......I divorced in 1983🤣.🤣
What would be compromised and actually I see it more and more often is adapting EURO as currency possible to pay with as it happens eg. at petrol stations or some shops. That would satisfy both sides :)
Honestly with digital payment and more and more cashless society, the switch to euro is becoming more and more unnecessary. polish banks allow you to pay with card in foreign currencies like euro at a very cheap cost (much cheaper than most cash exchange places take for exchanging currency) I was in Austria for holidays last summer. I barely used cash and just paid with card for everything. i only took 20 euro with me in cash. for a week in vienna.
He didn't do his homework. I think it is right that Poland keeps it's own currency. It's part of it's sovereignty in my view and allows the Government to regulate it's economy.
1) adopting Euro is considered wrongly with higher inflation during that process 2) We don't like to be told what to do (our history), we prefer our own central bank rather than distant Frankfurt where they care more about Greece than Poland.
Słowacy, narzekali na euro, a teraz ponad 90% Słowaków kocha euro. Gdybyśmy mieli euro to stałyby się dwie rzeczy: - inflacja byłaby mniejsza niż obecnie, bo w Polsce jest ona m.in. wynikiem dużego "dodruku" kasy aby zapsokoic socjalne rozdawnictwo (500+, 13,14 emerytury kto), - zachodowi bardziej by zależało na bezpieczenstwu Polski.
Skąd się wzięło Euro? Kraje z silnymi gospodarkami i wysoką nadwyżką eksportu nad importem maja naturalny problem taki że wartość ich waluty nieustannie rośnie przez co koszty produkcji względem innych walut rosną więc eksport staje się mniej opłacalny i gospodarka hamuje. Taki problem miały Niemcy ze swoją walutą, Marką. Wówczas wymyśliły sobie Euro, które jednocześnie wprowadzono w biedniejszych krajach południa UE. Kraje te ze swoimi problemami tj. deficytem handlu, inflacją, wysokim deficytem budżetowym obniżają wartość Euro. Dzięki temu Niemcy mogą eksportować bez obaw o zbytnie wzmocnienie waluty. Jednocześnie biedniejsze kraje maja zbyt silną walutę względem swoich gospodarek co hamuje ich rozwój. Polityka monetarna EBC jest prowadzona pod gospodarkę niemiecką, której interesy są często sprzeczne z gospodarkami innych krajów strefy euro. W ten sposób Niemcy zapewniły sobie gospodarczą hegemonię w Europie. Oczywiście jest to jeden z wielu czynników i duże uproszczenie. Można hejtować :).
Od wprowadzenia ojro niemiecki i holenderski eksport wzrósł o ponad 100% Hiszpania Włochy i Grecja a nawet Francja mają kłopoty .Posiadanie własnej waluty jest korzystne dla gospodarki takiej jak polska każdy błąd w polityce gospodarczej powoduje spadek kursu waluty co w przypadku posiadania dobrej jakości rządu umożliwia korektę polityki i utrudnia życie spekulantom, wzrost exportu spadek inportu tak np.przez lata funkcjonowały Włochy.Inny przykład to Argentyna,Brazylia i Turcja wieloletni marsz od kryzysu do kryzysu
The guy in your anecdote: his anger is misdirected. His predicament is not Poland's fault, it's his own fault for believing an ill-informed web site. Alternatively, he can blame that site, but it still is not Poland's fault.
How could we help over 2 mln Ukrainians in Poland if we had euro and EU already refused us any financial help for Ukrainians living in Poland ? So we printed some zlotys to accomodate Ukrainians and we have 10% inflation. Hopefully some of those Ukrainians will stay permanently in Poland,so we are investing in our future and avoiding depopulation of Poland.
Maybe by not accepting the Euro Poland maintains a piece of their independence, it could be a national sentiment with an unwllingness to let go. In accepting the Euro a bit control is lost, you have to fall in line with others. By keeping your own currency you control a bit your own destiny and I would expect most people just like things the way they are. Fighting for independence for sooo long and then a few decades out accepting and new currency would leave me a bit suspicious and feeling unprotected, no I'll play the cards I was dealt. Spoken as a Polish American whose grandparents instilled the lessons of the past historically concerning their neighbors intentions. Those who cannot remember the past are condemned to repeat it.
Country monetary policy is dictated by its own Central Bank, if you have your own currency. If you have Euro you have to rely on European Central Bank. To figth the inflation or economic crisis on your own you have at least three mechanism: sell your currency resources (dolars, gold); raise interest rates; decrease amount of printed money on the market. With dependance on ECB you have none of those to protect your market. In fact with global european crisis in inflation the interest rates from ECB remains close to zero (less developed countries could not handle or won't accept the increased rates). Basically you have one valve to regulate countries market with often conflicting economic situations. Of course it's completely other story to evaluate, if our central bank made the right decisions during Covid-19 crisis and now, seeing we ended up in the current situation, but at least the tools are there to handle the situation without any foreign dependencies.
The The most important things first! According to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro. Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone. Euro state overall prosperity effect since the introduction of the euro up to 2017: Germany + 1,893 billion euros Netherlands + 346 billion euros Spain - €224 billion Belgium - €69 billion Portugal - €424 billion France - €3,591 billion Italy - €4,325 billion These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro. I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links: "Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen" "20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun" "wikipedia deutsch Euro# Nachteile" Translation: "Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro" "20 Years of the Euro: Losers and Winners An Empirical Study" "wikipedia english euro# disadvantages"
What I have seen is that there WAS a timetable but that the PiS controlled administration put the brakes on it. Another thing, a lot of Poles seem to believe that with bringing in the Euro would artificially inflate prices. A beer would go from say, 8 PLN to 5 Euro or something like that. That is already true in Airports- they price drinks both in KRK and WAW airports in Euros and it’s much more expensive than it was just a few years ago
one of the most trivial reasons woul be the psychological aspect of earning something around 500€ a month for most of people, with own currency we can pretend everything is fine but that way it would be way too obvious that we're still poor for western standards
They do not follow the rules for euro that much but we do not want it. It creates more problems in times of crisis. It is better and safer to have an economic independence. So, eu can say we do not meet the requirements. I do not mind that one bit.
Smartest move Poland ever made, lose control of your currency and lose control of your country, Polska is just about "cherry ripe" An Aussie term meaning Bardzo Dobre, apologies for the murder of the Polish language. Long may it reign the Polska Zlwato
Kurs euro względem złotego to 4zł 60 groszy,jeśli pracownik zarabia 3 tyś złotych to nie dostanie nawet 1000 euro,weź pod uwagę całą rzeszę emerytów i rencistów którzy mają nawet poniżej 2000 zł,po przyjęciu euro ceny poszybują w górę,żywność,leki,czynsze, ceny wszystkich artykułów wzrosną o 100 %,będziemy krajem nędzarzy,pamiętam jak Niemcy przyjęli euro , ceny wzrosły niebotycznie ale zanim gruby schudnie to chudy umrze z głodu hehe
BTW why the US won't adopt such a "new" and prospective player among top currencies like the Yuan? It would be easier for you to pay for oil from the Middle East, and for all goods from China. ;)
I think, from the economical point of view, it's just not worth it as long as Poland exports much more to EU than it imports from it. When we export, we get paid in EUR which can be later converted to PLN. This gives us an advantage, as PLN is a relatively weak currency. If we bought in the EU more goods than we sell them, then we would have to exchange our weak currency to EUR to pay for these goods, which would give us disadvantage, as EUR is really expensive for us to buy. So as long as we sell more than buy form the EU countries, we should keep our PLN :)
The fact that a state is part of the EU does not necessarily mean that it uses EURO or that it will at any point in time. However, each member state has the right to do so if it aims so. Upon joining, the Visegrad group had the aspirations to join the Eurozone and the member states in the Eurozone were keen on including these states into the Eurozone. Nevertheless, over time, and especially with the crisis in Greece, which did not happen because of having other currency, but of a largescale abuse of financial mechanisms and instruments possible to be used by the Greek oligarchs and politicians. Nevertheless, the Eurozone was destabilized because of the crisis. However, currently, after the war in Ukraine, the Eurozone is much more stable than countries such as Poland, Bulgaria, Hungary due to the large influx of Ukrainians and the inflation which is significantly different than with the rest of the Union. Since around a decade Poland has a conservative and populist government which has not put any effort for adopting the Euro and it is not on their agenda. This may happen in the future when a different government is elected that has other priorities. But it is not really necessary or expected to happen.
Why would he want to exchange all the money if he plans to go back to USA? You can pay by card in any place in Poland with your native bank exchange rate. There's something fishy about that story, maybe that cash wasn't acquired by legal means 😉.
Zloty, zloty, zloty! Kocham Polska! Unlike the guy who ranted "what's wrong with this country" I say, I love what is right about Poland!!! First, this man should not have made any assumptions-a simple on-line search would have shown him what the currency of Poland actually is, instead of assuming. In this day and age things are in constant flux. Meanwhile, I LOVE that Poland has maintained the zloty!!!! And dread it ever going to Euro for more reasons then I can get into in this comment section...but in general, people need to stay awake to the individual differences amongst countries, as there is no one standard within the EU.
Well, your American fellow should have, actually, been happy that he had Euros. He could exchange them to PLN anywhere in Poland at a very good exchange rate.
Wiele lat temu, kiedy jechałem na Ukrainę na wakacje, byłem pewien, że nie potrzebuje paszportu. Po prostu nie wiem czemu założyłem, że Ukraina jest w Szengen. Ale jak się dowiedziałem jaka jest prawda i kiedy jak głupi biegałem po urzędach, żeby wyrobić paszport na czas, nie zastanawiałem się co jest nie tak z Ukraina, tylko plułem sobie w brodę, że jestem takim ignorantem i że tego nie sprawdziłem za wczasu. Rozumiem, że okolicznosci nie sprzyjały, ale wciąż "what's wrong with this country?!" to źle zadane pytanie, bo to nie z Polską coś jest nie tak:p
Dokładnie. Większość Amerykanów nie grzeszy rozumem. Russell jest wyjątkiem potwierdzającym regułę :D
😂
Funny thing about Euro issue is that our (Polish) constitution prohibits that and to change the currency you need an 2/3 of all of the representatives in our parlament that would vote in favor of that propose. (Article 227 paragraph 1 of Polish constitution to be precise which says that our national bank has the monopoly on emitting currency on the territory of the Poland )
In 2006 Polish goverment amended consitution in a way that puts ratified international agreements above constitution. So, basically Poland has no consititution, cause NATO, EU and UN agreements overwrite basically every part of it. But noone likes to talk about it...
@@Ussurin Not true. Polish constitution is above international treaties, but ratified international treaties are above local (Polish) bills. When there's conflict between the constitution and international treaty the Constitutional Tribunal gives instruction to the government, how such treaty could be implemented into the Polish law system (e.g. change constitution).
@@Ussurin Again NO. We amended our constitution in 2006 and yes it did 'solve' issue regarding EU law - but only in case of extradition (it added more or less "unless its part of international agreement" to the "no extradition" clause). No law can overwrite constitution because every law takes it power from it. So such overwrite would be equally meaningless as company deal trying to overwrite country law).
And before someone starts with that badly mistranslated article 91.3 here you have better version: "If it results from a contract constituting an international organization ratified by the Republic of Poland, the law is applied directly, with priority in the case of collisions with the bills." - bills as ustawy - the constitution isn't a ustawa.
Yes that's right! According to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone.
Euro state overall prosperity effect since the introduction of the euro up to 2017:
Germany + 1,893 billion euros
Netherlands + 346 billion euros
Spain - €224 billion
Belgium - €69 billion
Portugal - €424 billion
France - €3,591 billion
Italy - €4,325 billion
These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro.
I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links:
"Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen"
"20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun"
"wikipedia deutsch Euro# Nachteile"
Translation:
"Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro"
"20 Years of the Euro: Losers and Winners An Empirical Study"
"wikipedia english euro# disadvantages"
We in Poland keep our own currency because it simply means more independence. Why the monetary policy decisions should be taken in Frankfurt in Germany and not in Warsaw ? Fortunately because of the increasing power of our economy the Polish zloty's exchange rate is quite stable.
That's right, having your own currency means that Poland is not yet completely dominated by the EU! By the way, according to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone.
Euro state overall prosperity effect since the introduction of the euro up to 2017:
Germany + 1,893 billion euros
Netherlands + 346 billion euros
Spain - €224 billion
Belgium - €69 billion
Portugal - €424 billion
France - €3,591 billion
Italy - €4,325 billion
These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro.
I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links:
"Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen"
"20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun"
"wikipedia deutsch Euro# Nachteile"
Translation:
"Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro"
"20 Years of the Euro: Losers and Winners An Empirical Study"
"wikipedia english euro# disadvantages"
PLN exchange rates is anything but stable. For quite some time it was actually the worst performing currency in the whole Europe, even worse than UAH or GEL. The president of NBP earns even more than Fed chairman even though his policies are clearly inferior.
Technically Poland doesn't meet requirements, but Poland kinda doesn't meet requirements on purpose. Having own currency let's you have better options when crisis comes of any kind. You don't need to negotiate with any other countries about anything.
So we use catch 22 to get out of the obligation EU forces unto members. We also kinda are betting against Euro stability. Having heavily endebted countries lime Italy, Spain or Greece in currency union is kinda a problem. And limitations of Germany and France which want to keep Euro value high doesn't help anyway. Basically south and north of Eurozone want to get Euro to completly different points and neither point is beneficial to Poland nor does it points to good future of stability of Euro.
All of that is true. On the other hand, Poland is not that large and the Polish zloty tends to be bundled with other eastern european currency... including russian ruble. Just look what happened recently - we took a hit from the sanctions, at least initially, simply because we're seen as being in the same basket. Using euro we would be safe from that. So... it's a complicated matter and I honestly think even the best economists aren't completely sure which choice is better for us, as it very much depends on what happens in the future. So the choice to stay with the zloty seems to me to have a simple justification - it's not 100% certain which is better, but with zloty we have control and with euro we give that away. Of course this decision has it's consequences, as we can see with the current inflation.
For me personally a switch to euro would be definitely better for many reasons, some based on my views and expectations, some very objective in my personal situation, but I realize that for most Poles there is little practical difference in everyday lives. And I don't feel competent to discuss seriously the advantages and disadvantages of either option without a degree in economics, so... It is what it is.
@@adamkozakiewicz6766 I'd say the current fall of exchange rate (inflation is a specific thing that contributes to that and is high, but is not the only thing) of złoty is compounded by many different things and none of them is being bundled with rubles. For once you have Polish Central Bank refusing to raise rates (which defeats the whole reason why we want ohr currency independent), then there's massive printing fueling walfare spending during last two years of goverment forbiden productivity, then you have the obvious thing of being in potential blast zone of Russia if they decide NATO helps Ukraine too much. And for the last point it wouldn't matter much if we had Euro. Add to that last tax code changes that are giving problems even to Ministry of Finances and over all bad climate for investments and you get many vompounding reasons why noone outside Poland wants to hold PLN. The only place you can spend it is in really bad situation, so right now at best you want to extract stuff from there, not invest into stuff that cannot be moved from there.
And as for personal reason, I don't really see any benefit in holding fiat money, but if we gotta use on, then being in control of it is the minimum we should keep. But like, I'd be getting rid myself of whatever fiat our govt would decide to enforce on us, cause keeping value in fiat is just a bad idea, even if your central bank likes to keep inflation low. Cause it still means you are loosing buying powrr in time, while you could get something that at least keeps it value, like gold, silver or bullets, or you could get something that gets more valuable (potentially) like stocks, especially ones tha lay dividents.
The whole point is to print money with impunity
@lazarus921 euro is worth 2 old german Marks... Do its not less valuable
@Adam Kozakiewicz @Ussurin is right. Euro haven't protected any country, current situation hit all members of eurozone, for example in Belgium they have 8,31% inflation in March. Euro seems to be useless, it serves to only one country:Germany. Great Britain quit EU, but as long as they were member state, they kept their own currency, they knew what they are doing.
Poland stay with the PLN. I work in the Oil & Gas industry and I did a study to identify potential new pressure vessel fabrication facilities that our company might use. Well all the fabricators in the Euro Zone were running a hourly burden rate of about 50-65+ Euros per hour, i.e. Germany, France, Belgium, Spain, etc. However, the non Euro Zone fabricators, like Poland, Romania, Czech, Hungary, etc. were running with an hourly burden rate of about 22-25+ Euros per hour. All fabricators compared had similar qualifications and the most important one being ASME U-Stamp certification. This study was done about 5 years ago and we then moved fabrication to Poland and the Czech - eventually Romania was also included. So it seems that being in the Euro Zone does not provide and advantage in this situation. Incidentally all invoicing was done in Euros with all these companies.
The The most important things first! According to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone.
Euro state overall prosperity effect since the introduction of the euro up to 2017:
Germany + 1,893 billion euros
Netherlands + 346 billion euros
Spain - €224 billion
Belgium - €69 billion
Portugal - €424 billion
France - €3,591 billion
Italy - €4,325 billion
These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro.
I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links:
"Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen"
"20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun"
"wikipedia deutsch Euro# Nachteile"
Translation:
"Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro"
"20 Years of the Euro: Losers and Winners An Empirical Study"
"wikipedia english euro# disadvantages"
Poland has been one of the fastest growing economies in the world it was the only country to avoid the 2008 financial crisis and the country maintained the second lowest unemployment rate throughout the covid pandemic. There's no reason for Poland to ditch its own currency also the Euro has had debt problems in Greece, Italy, Spain, and in another countries.
When I was stationed in Germany, 2004-2006, I had many German friends who were very upset about Germany switching from deutsche marks to Euros. They told me everything was more expensive for them after the switch. As for Americans stationed there (not that they were a deciding factor, by any means), they also said everything became more expensive. As an Army National Guardsman now, recently deployed to Poland, I have to say that the exchange rate from dollar to złoty is very favorable, to the extent I may consider Poland as a retirement home. However, if they make the switch to Euros, that could change. I really hope not. I love the people and the culture in Poland. Everything being so affordable is icing on the cake.
UK knew as well, it's why we left....But Poland has a wonderful way of dealing with the EU, It's a bit like all that emissions stuff for cars....yes Poland put it all into the law books so it is a 'good EU member' but just does not enforce it.......So Poland can organise things that they will never meet the criteria to have the Euro.....as long as it suits them....the day it suits them they will join.
Having its own currency gives much more flexibility with adaptation to any current market situation, mainly with interest rates adjustments. Euro is favourable for bigger economies like Germany, which in normal circumstances would have strong currency (DM) not desired by its exporters.
I know my Poland, having been born in Poland but living in the states for the last 40 plus years. It is I think simply because Poland can keep its own currency.
I think it is a tad of defiance. I think Poland has managed much better than many of its Euro neighbors. And, really, no desire or reason to change.
Good to see that the Poles are not suicidal. Euro is a tool used to impoverish people and to severely restrict their freedoms - look at Greece. In Czechia we also do not want the Euro - we want to live, we want to breathe. The ability of a govt to devalue the nation's currency as needed is extremely important.
Bitcoin fixes that.
At last, i was waiting... Thank you :)
I think not using Euro is a blessing for Poland, a country which is in much better position trying to avoid major financial f-ups made by Brussels by controlling it's own currency levels. On the other hand having a separate fairly strong currency as part of EU may also help to cushion effects of any financial crisis in EU helping it from the sides and making the Eurozone more stable so Brussels is happy to keep it that way for time being..
Yeah, great argument when 1 EUR costs more than 4,60 PLN. Indeed. Avodinig instability of EU financial crisis. Tell me how much PLN to EUR was worth before the war and COVID to sustian your claim?
@@spitfire87 depends on how you look at it, if your trying to by something new and imported ye its going to cost you an arm and a leg. if you're trying to attract work from out of Poland than its a great thing as you can offer a cheaper services and still profit large in you're local economy. and i am pretty sure Poland aims for a 1 euro to 4 zloty exchanger rate over all there doing as well as they did in 2009 and better than 2004.
Sweden has been in the EU a lot longer than Poland but still has it's own currency
Another good example
@@LoveMyPoland some countries like Denmark got opt out from the euro part of the treaty. Others technically are obliged to join once ERM criteria are met, but nothing wil happen if they don't. So realistically speaking noone is forced to adopt euro - countries can delay it indefinitely
I talked with my friends from countries that adapted euro and all of them say it was a bad decision. Price of simple products changed and they have to pay 3x more for them now. Honestly I do not understand what is a profit of having unified currency in EU.
it is a great profit...... to Germany which decides on Euro
@@uncletimo6059 Introducing global government would be also easier with one currency but... who would believe in such a conspiracy theory.
paying 3x more for things is ok if you earn at least 3x more. If your salary is 2000 zł and then 2000 euros, and thing was for 40 zł and now it is 30 euros - you still are in better situation. The problem is when you go from 2000 zł to 500 euros and prices still go like 40zł to 30 euros
What about ease of doing transactions? Maybe the products will cost more, but if we will earn more and have more trade with our euro parters it might be beneficial.
@@someonewhocares999 What ease? Do you have any problems with any transactions right now? Cant you open account in Euro or whatever currency you want and do whatever transactions you want? What about ppl like me who trade currencies? Do you want to take that away from me? Do you want to get rid of that entire "industry"?
You can buy or sell Euro whenever you see fit right now. After you lose your own currency you will have less trade and transactions, not more like you argued. A lot of production that is exported because of good exchange rate of Euro will not be profitable anymore. Arguing for reduction of diversity in trade (everything the same) reduces opportunities to make business.
From my conversations with Polish people, this sounds accurate. I think it is less bothersome for travelers with the use of credit cards that work internationally (speaking from a non-pandemic, peacetime, US perspective from my last time there).
Also, very kind of you to hold back from posting out of respect for Ukraine.
I believe that the Polish Constitution requires the use of the Zloty. Better for Poland to have its own currency than to rely on the Euro.
Whether or not the treaty requires Poland to use the Euro, if the Polish people don't want it, it won't happen.
To this guy in the Embassy you should say that Poland is not there to resolve his personal problems. If he is crossing the border, he is accepting rules of the land. If he doesn't like them... then... vaya con dios. And I am saying it as a Pole living in the US for 20 years... many times, especially at the beginning, I questioned some things in the US and many American people were straight forward... "if you don't like it, leave."
How come UK never adopted Euro? It seems it is not that obligatory as we may think 🤔
The UK got out first 👍. It was looming over them for sure.
Denmark and the UK were the only EU countries to have negotiated an opt-out from joining the eurozone. All other EU members are technically obliged to adopt the euro eventually, but they have to meet the criteria first. So if they don't want to join, then all they have to do is to not meet the criteria and that's exactly what Poland has been doing for 18 years.
And here's a great joke that sounds better in Polish:
- Czy jest pan za przyjęciecem euro?
- Oczywiście, przyjmę każdą ilość!
For those who don't speak Polish:
- Are you in favor of adopting the euro?
- Of course I am, I'll adopt any amount!
Black Friday October 1984 I think. We adopted the ERM, the precursor to the Euro to regulate inflation. A week or so later the £ crashed George Soeos made a load of money & the chancellor had to do some explaining
It was wise of the British not to introduce the euro! By the way, according to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone.
Euro state overall prosperity effect since the introduction of the euro up to 2017:
Germany + 1,893 billion euros
Netherlands + 346 billion euros
Spain - €224 billion
Belgium - €69 billion
Portugal - €424 billion
France - €3,591 billion
Italy - €4,325 billion
These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro.
I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links:
"Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen"
"20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun"
"wikipedia deutsch Euro# Nachteile"
Translation:
"Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro"
"20 Years of the Euro: Losers and Winners An Empirical Study"
"wikipedia english euro# disadvantages"
Several reasons actually:
1. Legal - in Polish constitution, Zloty is a legal tender. So before Poland would want to join Eurozone, the amendment to the Constitution would be required.
2. Political - current government considers Zloty a sign of national souveregnity - so no reason to change the legal status.
3. Economic, on several counts:
a) Poland cannot now join ERM II (which entails a risk and requires a proper reserves for national bank, as you need to keep your exchange rate between certain bands) - however, it was possible for several years, and the decision was not made, because...
b) Eurozone was in crisis after 2007+ economic crisis, so nobody wanted to board a possibly sinking ship. Actually, having national currency was one of the reasons why Polish economy went through that crisis relatively unscathed.
c) Was in other comments - but there is an economic dilemma called "optimal payment area" - different areas have different monetary requirements (and even within US having one currency is not necessarily an optimal choice ;) ).
Great explaination, I wish it was pinned
Another interesting real life story , I love those, thank you!
Hi Again - For your next video may I suggest one on Storks. This is now stork nesting season. I check my favorite stork nest in Ustron every morning (Toronto time) while I have my coffee.
Good idea. I've thought often about doing an episode like that 😄
Hello and welcome back! FINALLY!!!
Najważniejszy i prawny powód jest taki, że Konstytucja RP nie dopuszcza porzucenia złotego jako waluty narodowej. Trzeba by było zmienić najpierw Konstytucję, aby dopuścić taką możliwość, a przez te wszystkie lata nie było takiej woli politycznej, by wszystkie czy choćby większość sił politycznych w kraju zdecydowały się na taki krok. A poza tym jest oczywiście mnóstwo innych wymiarów: ekonomiczny, społeczny itd.
'Eventually adopt the Euro'. Well, if a specific date hasn't been set, it might as well keep being delayed indefinitely ;p And that's likely what most of the population wants.
I don't think this is the case anymore. I'd love to adopt euro in the shortest possible time.
@@danielantoniewicz5964 talko abut yourself plz i like zloty better
@@Maja_J I wrote I'd and not We'd so I was kinda talking about myself. Euro is more stable. Look at what happened with polish zloty when Russia invaded Ukraine.
@@danielantoniewicz5964 even euro will be down if germany have border with country in war that how it is, but because before we dont have euro we dont have 2008 crisis so they are up and down i prefere zloty if you live in another conutry maybe for you eouro will be easier option no exchange needed but there no zloty is ok.
I think that 2225 or even 2224 cold be a good time for "adopt the Euro";)
Excellent footage Russell.I always watch your videos with pleasure and always learn something else 😎 Best regards for you and your family
Thank you so much 🙏🙏🙏. Best to yours as well!
If you want to answer, check for example inflation in Lithuania today. Lithuania has the Euro today has 15% inflation and cannot even regulate interest rates alone to fight this inflation because they have no own currency. Generally Euro mainly favors the German economy if the European central bank does something, it also does so with the German economy in mind not Poland . if Poland will one day be rich as Germany will consider adopt the euro but it is risky because different European countries have different economies and societies with different mentality
Poland is obliged to make euro aa national currency, that's true. But also we managed to not put any date on that. It can take decades, maybe centuries - hey, personally I believe that 3268 seems a reasonable year to start an initial debate about euro in Poland ;)
😂😂😂
@@LoveMyPoland ;)
I feel like if Poland switches we would share Italy's route....
thank you for your vlog. very interesting
If Poland would join the euro the value of their debt would be in the trillions, right around 1.7 trillion. Their debt to GDP would be around 240 percent. It isn’t a great idea for Poland to join the euro…
While the UK was part of the EU we also did not want to join the euro zone, even with all the threats from the EU trying to make us join we still stood our ground . One of the main reasons we kept the pound was that it gave us a lot more flexibility when setting interest rates which as you can see allowed us to grow our economy independently from the euro. We are now a financial hub for the banking systems of many countries around the world, so the key word here is flexibility !
I lived in Poland for 5 years from 2005 to 2010 in Gostynin more central Poland and at that time the Zloty went as high as 7 to the pound, I think its the only time in my life that I have never worried about money. And by the way I Love Poland. Great sights to enjoy Great food and last but not least Great people, I was pleasantly surprised that the Polish people have a great sense of humour very similar to ours ,by the way I live back in England now not far from Manchester.
I think you are a great ambassador for Poland your TH-cam posts are terrific, keep up the good work. 👍❤👏👏👏👏👏👏
Poland’s zloty’s days are numbered…croatia adopts euro 2023, bulgaria adopts euro 2024…poland will be pressured by the EU and US next together with Romania to transition to euro…it just hasnt been the focus so far as other countries adopted the euro but it soon will be…hungary and czech republic are next as well…
Russell, this topic is late and out of date. In the face of what's happening now, ie the war in Ukraine and the REACTION of the European Union countries. Or actually two key ones: Germany and France.
Germany is fighting with all its strength against making any move that would REALLY help Ukraine. More: this country is directly responsible for the genocide committed in Ukraine. This is evidenced by their response to the requests for help made by the Ukrainian ambassador to Germany in the first days of the war. This most important country in the EU said it didn't make sense, because Ukraine only had a few hours left.
Before the war, Germany maintained the closest, STRATEGIC contacts with Russia and had to know its plans. We all know that Russia consulted them with China and talked about refraining from attacking until the end of the Olympics. So there were no consultations with Germany, right? They got to know the plans. And these plans were extermination.
The EU commissioners, who are actually the representation of Germany, keep repeating: we have to be ready to shake hands with Russia. This means the prospect of new wars.
France dreams of creating its own little empire. The country has left NATO and is leading little the wars in Africa. And cultivates the old strategic vector - interferes with the politics of Central and Eastern Europe countries. Recently, Macron brazenly rebuked Morawiecki for his firm attitude towards Russia. We still remember the words of Jacques Chirac 20 years ago: Poles _"wasted an opportunity to keep quiet"_ . What was that about? Poland, which was applying for EU membership at the time, supported the US intervention in Iraq... See?
Currently, only the USA and Great Britain are the only ones who say directly and honestly that new crimes can't be allowed to happen and Russia can't be allowed to create future criminal plans.
CONCLUSION: since there is no unity of the EU in matters as clear-cut and drastic as Russia war in Ukraine, no Union exists. There's only some tow-stuffed and embalmed mummy of Lenin. EU money is worth nothing, there's nothing to adopt.
It is, but many folks still can't understand..
Dzięki Bogu , że tego nie zrobiliśmy .
Temat biedy w Polsce mamy już przerobiony .
Historia służy do tego aby uczyć się na błędach swoich i innych .
Z tego co mi wiadome inni wyszli na tej zamianie jak :
" Zabłocki na mydle ".
Wpis bez konkretów.
Odpowiedź jest prosta - można łatwo sterować kosztami wytwarzania. Obniżając wartość złotówki (kurs waluty), obniża się między innymi koszty pracy, wtedy polska siła robocza staje się bardziej konkurencyjna od tej ze strefy €. Z drugiej strony Polaka stać na mniej dóbr powiązanych z importem. I z trzeciej strony, za w 100% pochodzące z Polski towary, które są eksportowane Polak więcej dostaje w stosunku do kosztów produkcji. Czyli tak naprawdę dojenie tych najbiedniejszych, czyli standard w polskich realiach.
I wanted Euro at first, but when EU agreed we can have it, technology made problems with different currency easier to solve. So Im opposed to it (as UK was) as it will tie Polish economy to Germany.
EDIT: And an Ukrainian said it. Does he want Ukrainian economy to be tied to Russia even more?
sorry mate, as only a mildly pro EU person myself I respect your opinion, but what the heck has the tie between Polish and German economy with Russian and Ukrainian economy has to do? firstly, it is far from accurate, the Ukrainian economy is far less linked to the Russian one than our Polish one to the German one already, and, most importantly, our tie has definitely proven to be positive, secondly, do you know the difference between the German economy and the Russian one, leaving aside obviously the political aspects? What do the Russian have to bring to the table? Gas oligarchy? With all due respect, you couldn't have come up with a most idiotic comparison.
For me there is also a historical / sociological reason - it is important for Polish society to have our own currency. After so many years of fighting for freedom / dependency of someone we would like to decide by ourselves about our country, have our own identity.
Honestly the only real answer I have is the old joke: Because we don't want to receive a whole monthly paycheck in just one bill. Other than that I never gave much thought why we still have złoty, but then again it was never realy much of a problem for me when traveling to other EU countries, because in most places I could still pay with my debit card (Holland being the one exception, but apparently because they have old terminals that our debit cards are too modern to use, and if I got an older card it would work) and my bank did the PLN to EU conversion on a reasonable enough exchange course that I never had any reason to have actually EURO on me while abroad.
Actually, this is MUCH more difficult issue as you may think
Would you please do a video about refugees crisis happening in Poland and other European countries. And what will the long term effects too?
when you own currency you own also intrest rates, you are independent in decision to rise rates or low it , so it's a metter of independent..
Euro would have sense if 1) eurozone's fiscal policy & montary policy wasn't separate (in other words EU would have to become a country) and 2) Poland cought up economically
Hey, Russell.
What do you think about this (for Polands continued economic growth)?
"Skills and productivity growth will be key in facing future [growth] challenges.
Shortages of skilled labor were already a key impediment to growth before the [corona] crisis and are likely to hinder digitalization of the economy where new skills will be needed."
Question: Does Poland have enough postsecondary students?
"To facilitate labor reallocation toward new technologies while at the same time avoiding the scarring effects of the pandemic,
education and training need to be strengthened."
Question: Are Polands tertiary institutions strong enough in an academic sense for todays technological requirements?
"The general availability of skills needs to be enhanced through greater labour market participation of
women and older workers. To this end, continuing to improve access to childcare,[...] would encourage less-qualified parents to return to
work and improve the opportunities for children [...] to develop skills in the future."
Question: Does Poland have enough women and/or elderly in the work force?
"Air pollution, largely explained by the use of poor quality coal [...] in the housing sector contributes to the poor health outcomes.
Government support for energy efficiency [...], modernising electricity grids [...], would help reduce emissions and could be an effective stimulus for the [economic?] recovery. Tightening regulations on energy consumption [...] deploying tax incentives, subsidies [...] would put the economy on a path to reduce the high level of [...] emissions. "
-Is pollution a problem and does it effect the health of the Poles (nearest you) in general?
What are _your_ observations? What have you seen or heard in your time here?
So have a great day!
source
www.oecd.org/economy/growth/Poland-country-note-going-for-growth-2021.pdf
Poland does not want to have Euro because the monetary policy of the European central bank is regulated under the German economy. If Poland adopted the euro it would not be able to regulate interest rates depending on the needs of own economy.
You said: "Unfortunately its currency does not yet meet the standards..." How did you come up with that?? It clearly states "not yet within the exchange rate..." Completely different. There are numerous advantages to not be in Eurozone such a devaluing your currency to boost exports during global recessions etc. So, Poland is in no rush.
But it is true that Poland doesn't meet the Euro adoption requirements. There is 2 years probation period when exchange rate between Euro and PLN must fluctuate less than 3%.
It's true that we don't meet the standards. On purpose, but still :)
Gregory is right. The main reason why they are trying to delay the euro-launch in Poland is that the Polish goverment think they will boost exports in crisis to rescue Polish economy... sad but true...
Have you heard about Copernicus?
One of his less-known laws is
"Weak currency pushes back stronger currency".
Accepting EUR means going against natural economic law. That is why prices go up after switching to EUR.
Euro is second hand currency - which could be good, some times. Normal country like UK, never give up on the pounds... So I'm trying to belive Poland stay wise
"What's wrong with this country?" asks some guy who couldn't do a two second google search for "What currency does Poland use?"
We don't want it, as everything will be more expensive for sure, if that's even possible these days! and I guess we like our kings on banknotes ;)
We missed the tight slot of time to do that and right now it is impossible
The simplest answer, common currency works best when shared by similar economies. German and Greek economies are very different, and we all know what happened a few years ago when Greece couldn’t meet its credit obligations. So for Poland to adopt the Euro safely, the Polish GDP per capita has to get within 80% of the German GDP per capita.
Same here in Italy. In the first 2000's we were a bigger economy (the fifth in the world) so adopting Euro was pretty good and brought economy stability compared to the more volatile lira, at least until 2008... After that, we've become the 9th world economy and salaries are basically the same they were in 2002. We can't get out of eurozone because we'd lose 10% of savings and inflation due to currency change and we'll probably end like greece in a couple of years.
That's why I think we should adopt the flexible euro: A strong Euro for the North and a weaker euro (maybe half or 1/3 of the real euro value) for countries in southern and eastern Europe. Then when these economies become comparable to Germany, the Netherlands or Finland you can adopt the actual euro. Having different currency has a lot of side effects, having a unified, but split in two systems, currency could solve that :D
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone.
Euro state overall prosperity effect since the introduction of the euro up to 2017:
Germany + 1,893 billion euros
Netherlands + 346 billion euros
Spain - €224 billion
Belgium - €69 billion
Portugal - €424 billion
France - €3,591 billion
Italy - €4,325 billion
These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro.
I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links:
"Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen"
"20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun"
"wikipedia deutsch Euro# Nachteile"
Translation:
"Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro"
"20 Years of the Euro: Losers and Winners An Empirical Study"
"wikipedia english euro# disadvantages"
By the way, according to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
So is california and texas economies very different…your arguement is fake…poland hasnt adopted euro as the were wasnt enough pressure to do so far…after croatia and bulgaria the EU and US will agree to pressure poland to adopt euro or it will not be looked favorably at all and you are very close to kallinigrand! :D
@@SatchelChannel That is wrong…Italy fell because of the 08 financial crisis…nothing to do with the euro…your growth levels were very low and you need to modernize…euro brings stability…the 08 crisis would have put Italy into default without the euro…learn economics
@@II-kd1gi California and Texas are part of the same country, the US. This means there is a good share of internal transfers balancing the differences. A similar arrangement in Europe would effectively mean the creation of the Unites States of Europe. Today, the ECB and the FED also follow different rules and objectives in their fiscal policies.
Haha, Thank you.
Welcome back
In order to join the euro Poland has to enter the Exchange Rate Mechanism, most people are against it so zlotys are here to stay too. Polish prime minister said he would be open to the idea once Polish gdp ppp per capita approaches 85% of Germany.
The short answer is that we are too poor. My nice salary is in fact only 750 euro. Can you imagine paying for anything after the switch to Euro? And it's not that most Poles are against Euro. But we might struggle more in the face of some financial world crisis.
As an American who has lived in Poland for 9 years, I am grateful Poland has not adopted the euro. The exchange rate is much better for me.
Amen, Sandra!
Why doesn't America adopt The Euro?? The Rouble? The peseta? Because they are a proud, independent country. Why doesn't the UK have the Euro...maybe because we are also a proud independent country.......why doesn't Poland have a foreign currency as their own?? Maybe you can guess the answer?
Valid points, but the treaty clearly dictates they eventually adopt the Euro. They knew it going in....
@@LoveMyPoland Russ I think Poland has done a better Job handling the EU than the UK or any other European country......If I had Poland handling my divorce, my ex wife would have been paying me to this very day......I divorced in 1983🤣.🤣
@@Pinzpilot101 hahaha, good one! And I agree with ya.
Accepting EUR in Poland will never happen. Zł is here to stay.
I am with you there..
to jest "zlota" prawda !
What would be compromised and actually I see it more and more often is adapting EURO as currency possible to pay with as it happens eg. at petrol stations or some shops. That would satisfy both sides :)
Fly on the wall-hope you are right!
I too want the zloty to stay! We live in such an unpredictable world.
Honestly with digital payment and more and more cashless society, the switch to euro is becoming more and more unnecessary.
polish banks allow you to pay with card in foreign currencies like euro at a very cheap cost (much cheaper than most cash exchange places take for exchanging currency)
I was in Austria for holidays last summer. I barely used cash and just paid with card for everything. i only took 20 euro with me in cash. for a week in vienna.
Because, in short, own currency is one of key elements of independence :v
He didn't do his homework. I think it is right that Poland keeps it's own currency. It's part of it's sovereignty in my view and allows the Government to regulate it's economy.
1) adopting Euro is considered wrongly with higher inflation during that process 2) We don't like to be told what to do (our history), we prefer our own central bank rather than distant Frankfurt where they care more about Greece than Poland.
Słowacy, narzekali na euro, a teraz ponad 90% Słowaków kocha euro.
Gdybyśmy mieli euro to stałyby się dwie rzeczy:
- inflacja byłaby mniejsza niż obecnie, bo w Polsce jest ona m.in. wynikiem dużego "dodruku" kasy aby zapsokoic socjalne rozdawnictwo (500+, 13,14 emerytury kto),
- zachodowi bardziej by zależało na bezpieczenstwu Polski.
@@falaplazmy Zbyt małe korzyści za cenę utraty własnej waluty.
Poland is very smart to have kept its own currency , especially with what's coming..
Skąd się wzięło Euro? Kraje z silnymi gospodarkami i wysoką nadwyżką eksportu nad importem maja naturalny problem taki że wartość ich waluty nieustannie rośnie przez co koszty produkcji względem innych walut rosną więc eksport staje się mniej opłacalny i gospodarka hamuje. Taki problem miały Niemcy ze swoją walutą, Marką. Wówczas wymyśliły sobie Euro, które jednocześnie wprowadzono w biedniejszych krajach południa UE. Kraje te ze swoimi problemami tj. deficytem handlu, inflacją, wysokim deficytem budżetowym obniżają wartość Euro. Dzięki temu Niemcy mogą eksportować bez obaw o zbytnie wzmocnienie waluty. Jednocześnie biedniejsze kraje maja zbyt silną walutę względem swoich gospodarek co hamuje ich rozwój. Polityka monetarna EBC jest prowadzona pod gospodarkę niemiecką, której interesy są często sprzeczne z gospodarkami innych krajów strefy euro. W ten sposób Niemcy zapewniły sobie gospodarczą hegemonię w Europie. Oczywiście jest to jeden z wielu czynników i duże uproszczenie. Można hejtować :).
Od wprowadzenia ojro niemiecki i holenderski eksport wzrósł o ponad 100% Hiszpania Włochy i Grecja a nawet Francja mają kłopoty .Posiadanie własnej waluty jest korzystne dla gospodarki takiej jak polska każdy błąd w polityce gospodarczej powoduje spadek kursu waluty co w przypadku posiadania dobrej jakości rządu umożliwia korektę polityki i utrudnia życie spekulantom, wzrost exportu spadek inportu tak np.przez lata funkcjonowały Włochy.Inny przykład to Argentyna,Brazylia i Turcja wieloletni marsz od kryzysu do kryzysu
I don’t know much about currencies, just wanted to let you know that you’re rocking that new haircut Russel!
The guy in your anecdote: his anger is misdirected. His predicament is not Poland's fault, it's his own fault for believing an ill-informed web site. Alternatively, he can blame that site, but it still is not Poland's fault.
Why prices are higher in Poland then in other countries? Even in polish store in USA polish items are cheaper then the same item in Poland.
The key is-one day Poland will join the Euro-makes sense and will be law as youve stated which is true !
How could we help over 2 mln Ukrainians in Poland if we had euro and EU already refused us any financial help for Ukrainians living in Poland ? So we printed some zlotys to accomodate Ukrainians and we have 10% inflation. Hopefully some of those Ukrainians will stay permanently in Poland,so we are investing in our future and avoiding depopulation of Poland.
We just want to be creative with our currency and not listen to French and German.
Hi , when we have vlog in polish again please? 😁
Hopefully soon 👍😁
Maybe by not accepting the Euro Poland maintains a piece of their independence, it could be a national sentiment with an unwllingness to let go. In accepting the Euro a bit control is lost, you have to fall in line with others. By keeping your own currency you control a bit your own destiny and I would expect most people just like things the way they are. Fighting for independence for sooo long and then a few decades out accepting and new currency would leave me a bit suspicious and feeling unprotected, no I'll play the cards I was dealt. Spoken as a Polish American whose grandparents instilled the lessons of the past historically concerning their neighbors intentions. Those who cannot remember the past are condemned to repeat it.
Country monetary policy is dictated by its own Central Bank, if you have your own currency. If you have Euro you have to rely on European Central Bank. To figth the inflation or economic crisis on your own you have at least three mechanism: sell your currency resources (dolars, gold); raise interest rates; decrease amount of printed money on the market. With dependance on ECB you have none of those to protect your market. In fact with global european crisis in inflation the interest rates from ECB remains close to zero (less developed countries could not handle or won't accept the increased rates). Basically you have one valve to regulate countries market with often conflicting economic situations. Of course it's completely other story to evaluate, if our central bank made the right decisions during Covid-19 crisis and now, seeing we ended up in the current situation, but at least the tools are there to handle the situation without any foreign dependencies.
Adopting the euro will make prices and living expenses extremely expensive, so it’s much better not to go there.
The The most important things first! According to Article 227 of the Polish Constitution, Poland's state bank is the National Bank of Poland. This bank is also responsible for the Polish currency. Therefore, in fact, the Polish currency is determined with the National Bank of Poland. So the introduction of the euro would violate the Polish constitution if the Polish currency and the function of the National Bank of Poland were abolished. A two-thirds majority in parliament is needed to change the constitution but there will never be a two-thirds majority in parliament to abolish the Polish currency. By the way, Poland is not really obliged to adopt the euro because there is no deadline for adopting the euro.
Poland owes also its significantly higher economic growth compared to most other EU countries to the independence in financial policy, which its own currency gives it. Incidentally, especially when inflation is high, it becomes clear how important it is to have a national bank that operates measures to ensure price level stability that are coordinated with the national economy. That is not possible at all with the European Central Bank. The Polish government also does not want to adopt the euro because the introduction of the euro would harm the Polish economy. This is a quote from German links on the subject of the Euro: "Mainly Germany and the Netherlands benefited from the euro at the expense of other euro zone countries.The 2007-2008 financial crisis and its consequences for Greece are not the only factors proving that Poland and Hungary were right not to join the euro zone.
Euro state overall prosperity effect since the introduction of the euro up to 2017:
Germany + 1,893 billion euros
Netherlands + 346 billion euros
Spain - €224 billion
Belgium - €69 billion
Portugal - €424 billion
France - €3,591 billion
Italy - €4,325 billion
These numbers make it clear that the euro has damaged most EU countries. Poland does not want also to appear on the list as a loser from the introduction of the euro.
I quoted German links because it's credible when even German journalists report on the negative aspects of the euro, even though the euro was very positive for Germany. If one enter these terms in Google you will find the links:
"Polen und Ungarn übertreffen die meisten anderen EU-Volkswirtschaften zumindest teilweise, weil sie den Euro nicht annahmen"
"20 Jahre Euro: Verlierer und Gewinner Eine empirische Untersuchun"
"wikipedia deutsch Euro# Nachteile"
Translation:
"Poland and Hungary outperform most other EU economies, at least in part, for not adopting the euro"
"20 Years of the Euro: Losers and Winners An Empirical Study"
"wikipedia english euro# disadvantages"
What I have seen is that there WAS a timetable but that the PiS controlled administration put the brakes on it. Another thing, a lot of Poles seem to believe that with bringing in the Euro would artificially inflate prices. A beer would go from say, 8 PLN to 5 Euro or something like that. That is already true in Airports- they price drinks both in KRK and WAW airports in Euros and it’s much more expensive than it was just a few years ago
Kto nie chce być w pełni w IV rzeszy nie przyjmuje EUR
Because they are smart .Poland don’t need euro ,they have there own currency -zloty
So he was angry that he didn't inform himself properly...? What's wrong with Sweden, Denmark, Hungary, Czech Republic, Croatia...?!
one of the most trivial reasons woul be the psychological aspect of earning something around 500€ a month for most of people, with own currency we can pretend everything is fine but that way it would be way too obvious that we're still poor for western standards
They will, in the future. And they will go down with it like the rest of us in Europe who sold out to Brussels.
Please, warn them.
It's better to have our own currency and decide about it.
They do not follow the rules for euro that much but we do not want it. It creates more problems in times of crisis. It is better and safer to have an economic independence. So, eu can say we do not meet the requirements. I do not mind that one bit.
Czechia? Never heard of that country before 😜
Wreszcie coś zrobili z tą nieszczęsną Republiką Czeską. Język angielski w pewnych zakresach jest zdumiewająco nieporadny.
I think it was Milton Friedman who commented on Euro that EU countries missed an opportunity for different currencies to compete in the free market
I like Polish zloty. Why do they change it to usd. I am studying in Poland by the way.
Record videos in 1080p minimum please :D
Updated my software and it reset the resolution settings I had. I only realized it after uploading. 1080 back in action soon 😉
Greetings from Gdańsk
Happy with zl No Euro 💶 wanted, thanks
To me, it is mostly force of habit to stick to our own money, at leest if we are talking about ordinary citizens.
Smartest move Poland ever made, lose control of your currency and lose control of your country, Polska is just about "cherry ripe" An Aussie term meaning Bardzo Dobre, apologies for the murder of the Polish language. Long may it reign the Polska Zlwato
I would not want to share a currency with Greece or Italy.
Kurs euro względem złotego to 4zł 60 groszy,jeśli pracownik zarabia 3 tyś złotych to nie dostanie nawet 1000 euro,weź pod uwagę całą rzeszę emerytów i rencistów którzy mają nawet poniżej 2000 zł,po przyjęciu euro ceny poszybują w górę,żywność,leki,czynsze, ceny wszystkich artykułów wzrosną o 100 %,będziemy krajem nędzarzy,pamiętam jak Niemcy przyjęli euro , ceny wzrosły niebotycznie ale zanim gruby schudnie to chudy umrze z głodu hehe
BTW why the US won't adopt such a "new" and prospective player among top currencies like the Yuan? It would be easier for you to pay for oil from the Middle East, and for all goods from China. ;)
I think, from the economical point of view, it's just not worth it as long as Poland exports much more to EU than it imports from it. When we export, we get paid in EUR which can be later converted to PLN. This gives us an advantage, as PLN is a relatively weak currency.
If we bought in the EU more goods than we sell them, then we would have to exchange our weak currency to EUR to pay for these goods, which would give us disadvantage, as EUR is really expensive for us to buy.
So as long as we sell more than buy form the EU countries, we should keep our PLN :)
Well, the UK was in the EU for many decades and thet didn't adopt Euro, why should we be any worse?
The fact that a state is part of the EU does not necessarily mean that it uses EURO or that it will at any point in time. However, each member state has the right to do so if it aims so. Upon joining, the Visegrad group had the aspirations to join the Eurozone and the member states in the Eurozone were keen on including these states into the Eurozone. Nevertheless, over time, and especially with the crisis in Greece, which did not happen because of having other currency, but of a largescale abuse of financial mechanisms and instruments possible to be used by the Greek oligarchs and politicians. Nevertheless, the Eurozone was destabilized because of the crisis. However, currently, after the war in Ukraine, the Eurozone is much more stable than countries such as Poland, Bulgaria, Hungary due to the large influx of Ukrainians and the inflation which is significantly different than with the rest of the Union. Since around a decade Poland has a conservative and populist government which has not put any effort for adopting the Euro and it is not on their agenda. This may happen in the future when a different government is elected that has other priorities. But it is not really necessary or expected to happen.
Thanks for this, Kristina!
Why would he want to exchange all the money if he plans to go back to USA? You can pay by card in any place in Poland with your native bank exchange rate. There's something fishy about that story, maybe that cash wasn't acquired by legal means 😉.
Zloty, zloty, zloty! Kocham Polska! Unlike the guy who ranted "what's wrong with this country" I say, I love what is right about Poland!!! First, this man should not have made any assumptions-a simple on-line search would have shown him what the currency of Poland actually is, instead of assuming. In this day and age things are in constant flux. Meanwhile, I LOVE that Poland has maintained the zloty!!!! And dread it ever going to Euro for more reasons then I can get into in this comment section...but in general, people need to stay awake to the individual differences amongst countries, as there is no one standard within the EU.
love you