30 lat polskiej transformacji: z perspektywy banku centralnego
30 Years of Economic Transition in Poland: From Central Bank Perspective

Summary/Abstract: The successful economic transition in Poland was reflected in the uninterrupted GDP growth after stabilization and liberalization of the economy in the early 1990s. What helped to put economy on an equilibrium growth path was joining the European GVCs which facilitated a rapid buildup of export potential. During the global financial crisis of the 2007–2009 Poland was not seized by a banking crisis. While there was a periodic credit crunch, banks did not suffer large losses as the macroprudential policy directed the foreign exchange loans mainly to high-earners who were able to service them despite the sharp zloty depreciation. While the floating exchange rate facilitated to stabilize the cost competitiveness of Polish exports, the increasing Poland’s export potential and the decreasing exchange rate fluctuation weaken the case for unduly postponing the euro adoption. The successful development of Poland’s economy will depend on the rate of its modernization as to increase non-cost competitiveness of Polish products. This process should be managed by a highly qualified and sufficiently independent public service.

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