Lithuania, Latvia, Estonia, Slovakia gained from joining the monetary union – according to the report made by Polish scientists. Will it convince Poles to join the euro zone?
Since the introduction of the euro, today the second most important currency in the world, 20 years have passed. Despite the turbulence, none of the 19 members wants to leave the eurozone. And about 70 percent satisfied with paying in euros. Europeans – this is the highest support in history.
A group of scientists checked what were the consequences for four Central and Eastern European countries that turned national currencies into euro. – Unemployment has dropped. Wages have risen. The societies of these four countries have not incurred special costs of joining the euro area.
Slovakia introduced the euro in 2009, Estonia – in 2011, Latvia – in 2014, and Lithuania – in 2015. And although the population of all these countries (11.6 million) is more than three times smaller than Poland, they have a similar history to our economic transformation and they are at a similar level of development. After the adoption of the single currency, their budget deficit did not increase or began to plummet in foreign banks. Thus, they did not repeat the mistakes made after the introduction of the euro by the countries of the South.
The introduction of the euro contributed moderately positively to the improvement of economic performance of Slovakia, Latvia and Lithuania, and in a definitely positive way to the improvement of economic results in Estonia.
The euro is not a life insurance policy and a guarantee of success, it is an opportunity, and the prize is won by those who carry out reforms.