The Euro currency in Slovakia and Poland
Poland has dragged its feat regarding the Euro currency. Poland is an EU country that has a strong economy and is very western, but it does not have the Euro currency. Even tiny Slovakia has the Euro. It was championed there as the currency that would prevent the crisis in Slovakia. However, just as many Poles suspected it has made Slovakia a very expensive place. Everyday thousands of Slovaks cross the boarder to Poland to go shopping (Slovaks do not need to learn Polish as the language is so close). In May alone 1/4 million Slovaks went shopping in Poland (there are only 5 million Slovaks).
Slovaks say things are up to 1/2 cheaper in Poland now. The result is a boom for Polish exports and tourism. Generally a weak currency is good for a developing country. Look at China they have kept their currency weak to drive exports. A strong currency is good if you are a consumer of foreign goods. This is why a weak currency is a good currency.
This is why Poland has been a Euro currency skeptic. I think Poland will get the Euro in 2012.
Leave a reply to Euro currency in Poland | Slovakians shopping in Poland