Adam Glapinski, the governor of the central bank of Poland, has urged the Polish government to retain the national currency, the zloty, and not discard it in favor of the euro.
For the time being, the government of the nation has opposed joining the Eurozone, and it appears that will not change for the foreseeable future.
In a letter to the participants of the Monetary Sovereignty Forum, which took place on Tuesday in Warsaw, Glapinski wrote that maintaining Poland’s “own currency brings many benefits. Thanks to [the fact that we have] our own currency, which allows for a sovereign monetary policy, Poland has been able to enjoy stable economic growth for years. We should not and cannot give up the zloty.”
He also pointed out that the use of cash in economic transactions can serve to stabilize the economy, especially in times of economic or financial crisis.
Glapinski has long been voicing opposition to Poland joining the Eurozone, noting it would be, “extremely harmful.” He has noted that keeping its national currency is vital for Poland’s independence and national sovereignty. He has said as long as he is in control of the nation’s monetary policy, he will not allow the country to switch over to the euro.
Poland became a member of the European Union in 2004. Under the terms of the agreement Poland entered into, the Treaty of Accession with the EU, Poland is obligated to eventually replace its currency with the euro.
However for now, with Glapinski as governor of the central bank, it appears Poland’s adoption of the euro will not happen in the near future.