Napoleon Bonaparte once reportedly complained that history was a set of lies everyone agreed upon. While such a view may be too cynical, it is nonetheless true that nations tend to idealize their past. Poland is no different. Poles tend to mythologize the 16th century as the country’s golden age. The standard narrative is that Poland was then one of the largest countries in Europe, stretching from the Baltic to the Black Sea. It was a military power, winning wars and battles galore. It was Europe’s “breadbasket” feeding the burgeoning cities in the West. It was a centre of culture and education, exemplified by such luminaries as Nicholas Copernicus, a graduate of Jagiellonian University in Krakow. Finally, Polish political influence spread into far reaches of Europe.
A quarter of a century after the formation of Tadeusz Mazowiecki’s government, in which Deputy Prime Minister Leszek Balcerowicz was responsible for the economic reforms, economists are trying to answer the question as to whether Poland has exhausted its opportunities of development and what impulses are needed for Poland to take advantage of future opportunities.
Economic and demographic indicators will prevent our politicians from fulfilling their dreams of Poland participating in the G-20. However, we could fight for the status of a permanent guest and represent the societies which have freed themselves from communism and achieved a great success building market institutions that are less bureaucratised than in the rich Western countries.
Announced by the European Central Bank, scheduled for September, targeted long term refinancing operations (TLTRO) will become one of important transmission mechanisms of monetary policy. The ECB hopes that they will restore the bank lending channel to the economy - said Yves Mersch, member of the Executive Board of the ECB.
28 May 2014 is a historic date for Polish labour offices and, hopefully, for Polish unemployed too. It is the first time in over 10 years that the government has amended the operational rules for jobcentres. The range of available tools is increasing, however there is still a lot that depends on plain human involvement.
A distinction must be made between the privatization of previously state-owned enterprises and the privatization of the market, for instance, through the creation of new, private, companies. This latter process has been a success with positive consequences for entire economy – says prof. Leszek Balcerowicz, author of the 1989 reforms.
Poland has created the organizations, procedures and processes of a modern state. By doing so it has bound itself permanently to the Western world. No great reforms will be needed in the future, only the ability to manage necessary changes, says former PM Jan Krzysztof Bielecki.
According to the latest NBP inflation report, economic growth will gradually accelerate without the risk of rising prices. This will allow interest rates to remain stable. The Ukrainian crisis will not impact negatively on the Polish economy, but invites thinking about a more solid anchoring in Europe – says Marek Belka, Governor of the Poland's central bank Narodowy Bank Polski.
GDP growth of 3.6 per cent this year and similar results in subsequent years, with low inflation and an improvement in the labor market – this is the scenario predicted in March 2014 by the NBP’s Economic Institute. We are also not in danger of seeing large capital outflows. However, a worsening of the crisis in the East may have repercussions.
The European Union’s new member states from Central and Eastern Europe are required to join the eurozone as part of their accession agreements. But deciding when to adopt the euro is a matter of heated debate. It is not just an economic calculation, but a judgment on the outlook of the single currency itself. For many, the benefits of membership have diminished since the financial crisis, and prospective members, especially Poland, can derive maximum advantage from joining only if they are also clear on what economic conditions must first prevail in their own countries.