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The Eurozone currently includes 19 out of 28 European Union countries. Thus, Poland is in the minority of the EU countries that do not have euro. If one takes into consideration Bulgaria (currency board) and also Denmark (officially it is an exchange-rate with very low fluctuation margin towards euro +/0 2.25%) provides a fixed exchange-rate towards euro it turns out that Poland is in a small group of only six EU countries – Great Britain, Sweden, the Czech Republic, Hungary, Romania and Croatia whose economies, citizens and economic entities are in danger of everyday exchange rate fluctuation and costs resulting from such a state. It must be noted that it is 15 years since Polish economy transferred to the floating exchange-rate regime on the 12th of April, 2000. In practice it means everyday potentially limitless changeability of zloty’s rate as its level is decided on by the market. If the interest in zloty is bigger, it causes its appreciation, whereas if it is lower it leads to its depreciation. Aside from multi-dimensional analysis of advantages and costs of implementing euro which is not the subject of this overview, it must be noted that economic entities from Eurozone countries have been in better competitive position for over 16 years. This allows them functioning on a shared EU market. It is especially important in the case of Polish economy. Its currency was either very strong (2001 and 2008) or very weak (2003–2004 and 2008–2009) – chart 1. For example, two-and-half-year period of the zloty’s weakening towards euro lasting from the half of 2001 till the beginning of 2004 (for about 46% in the case of medium rate from the level of 3.36 PLN to 4.90 PLN for EUR), and then the almost five-year period of strengthening (for about 34% up to the level of 3.21 for EUR in July 2008) introduced Polish entrepreneurs (exporters and importers) as well as debtors (in foreign currency) to completely different conditions of functioning. It led, for example, to loses in the case of some contracts, issues with fluctuation or even insolvency and later on to limits in expansion on foreign markets, refraining from entering such markets and, as a result, to employment reduction or shortage of new work places, limiting consumption and investment with all spectrum of consequences for the country’s economic situation, level of affluence and financial situation of the country. Thus, the question about the accuracy of the floating exchange-rate regime as the best solution for Polish economy seems natural. That is why the main aim DOI: 10.1515/lape-2016-0003

law and administration in postsoviet europe

Stabilization of Zloty Within the Exchange Rate Mechanism II (ERM II) as an Alternative for the Floating Exchange-Rate Regime and the Unpopular Idea for Introducing Euro in the Polish Society