Polish Foreign Minister: Is it time to abandon the euro?

It seems that some EU member countries are bluffing on the euro, arguing that it may be time to abandon the sinking ship due to its depleting effects on smaller economies.

According to Polish Foreign Minister Zbigniew Rau, the EU must reform its policies so that member countries can start using their national currency again instead of the euro. “The equality of the Member States requires the restoration of equal opportunities for their development, which, in turn, should lead to the reform of the euro zone. The radical nature of this reform cannot a priori rule out any solution, such as… a temporary or permanent return of certain member countries of the euro zone to national currencies,” he told the Rzeczpospolita newspaper this week.

The Polish government had previously warned that by switching to the euro, the country’s citizens would be disproportionately pushed into poverty. Although Poland did not adopt the euro when it joined the EU in 2004, it postponed the introduction of the single currency, as permitted by the accession treaty. However, all new EU members must also join the eurozone, which means that the Polish zloty will eventually have to be replaced by the euro.

In the meantime, however, Poland’s current government continues to oppose eurozone membership, arguing that the country must maintain “its independence and sovereignty”.

Information for this briefing was found via Rzeczpospolita and Twitter. The author has no security or affiliation related to this organization. Not a buy or sell recommendation. Always do additional research and consult a professional before purchasing a title. The author holds no license.