EURO zone: crises, exit strategies, risks
In order to enter the Economic and Monetary Union (EMU), Poland should have a well-performing economy. Otherwise, the monetary union will rapidly become a mechanism of Poland's economic and political dependency on more competitive countries in Western Europe. Holding back on making a decision regarding entering the EMU allows us to defend ourselves against economic risks, which could easily become geo-political burdens.
The eurozone is slowly emerging out of an existential crisis, which threatened its existence or could cause it to partially disintegrate. The first time such a risk occurred was in 2012, when the stabilisation of the financial markets was the result of a daring declaration by the head of the European Central Bank (ECB) about its readiness to use all means of monetary policy necessary in order to defend the Economic and Monetary Union (EMU). The second time this happened was in 2015, when the future of Greece as a member of the eurozone came into question. Painful experiences of crises indicated a number of weaknesses within this monetary system. READ MORE