You Don’t Buy a Cow to Get a Glass of Milk

The debate concerning Poland’s adoption of the euro resurfaced in the wake of the war in Ukraine. Some stated that adopting a common currency would protect the Polish economy against the weakening of the zloty while reducing the risk of direct Russian aggression. Such arguments are far from convincing because the cost-to-benefit balance for speedy accession to the eurozone has not changed significantly.

The zloty weakening against the euro following the start of the war in Ukraine should not become a cause for concern, or indeed a material argument in favour of a serious and irreversible decision like adopting the euro.