38% of medium-sized and large companies would like Poland to enter the euro area, according to the Grant Thornton survey. This is the second lowest figure since 2010.
Over a decade, the group of supporters of monetary integration with European countries has decreased by more than a half – in 2010, 85% of the surveyed medium and large companies supported it. At the same time, the percentage of opponents of adopting the euro is growing. In 2021 it was 46% of responses, compared to 44% the year before and 11% in 2010. The percentage of undecided people was 16% in the last year, compared to 20% a year ago and 4% in 2010, according to the report.
Polish business does not expect a quick conversion of the zloty into euro. Only 4% of medium and large companies believe that it will happen by 2025. Every sixth respondent expects it in 2026-2030, and more than every third say that it will become it happens after 2030. Moreover, a significant percentage of respondents – 22% – believe that Poland will never adopt the EU currency (compared to 23% in 2020, 16% in 2019 and 6% in 2018).
Both medium-sized (employing 50-249 employees) and large enterprises (over 249 people) are almost as skeptical of the euro. Large companies are only slightly more likely to support the EU currency, but also slightly more likely to be against it.
“The volatility of the zloty against the euro in 2021 increased slightly, but not so much that the exchange rate risk became an argument for adopting the euro again. Moreover, after a significant increase in 2020, the EUR / PLN remained at relatively high levels, which supports exporters. It can therefore be assumed with high probability that in terms of support for the euro, there are also other, non-business factors, such as a change in political mood in society or a change in the assessment of the sensibility of integration with the EU,” commented partner Grant Thornton, Financial Risk Management, Grzegorz Taraszkiewicz. Sirocki.
The study was conducted as part of the International Business Report research project. It is conducted every year by Grant Thornton on a group of 100 representatives of the management boards of medium and large companies operating in Poland.
Source: Grant Thornton and ISBnews
