Since 1st May, 2004 Poland is a member of the European Union. Already at that moment Euro was in common use in twelve EU Member States. Only three countries from the so called old Union, that is Sweden, Denmark and Great Britain did not introduce Euro. As of the day of 1st January, 2009 common currency is in circulation in already sixteen Member States. Euro was also introduced by four so called new Member States: Slovenia, Slovakia, Cyprus and Malta. Poland also has an ambition to join that group. It was originally planned that it would happen on 1st January, 2009. Today, when Slovakia joined Euro zone, in our country more often voices that preparations to introduction of the common currency progress to slowly may be heard. In addition, the excessive exchange rate differences, caused by global financial crisis, are an argument toward possession of a strong common currency. The example of the Schengen zone, which we had entered over a year ago, shows that a deeper integration may be only in plus. Being the member of a group of countries which operate basing on the same system always gives greater inner stability. Thus what steps are necessary in order to join the states whose common currency is Euro?
Above all a political decision on joining Euro zone should be made. A condition of joining it by Member States is entering by a state and remaining its currency in Exchange Rate Mechanism (ERM II) for at last two years. So far Poland has not joined this system. In addition we have to meet the criteria of permanent economic convergence with Euro zone states. This are strictly economic requirements, which result from the Maastricht Treaty.
Except a political decision and meeting economic criteria national legal barriers which block introducing of a common Euro currency should be also removed. The states which joined European Union after 1st May, 2004, in contradiction to the so called old community countries, are not entitled to refuse introducing the common currency. On the other hand they are not bound by a strictly specified deadline. Joining the Euro zone should take place as of the day of fulfilling the economic and procedural conditions (participation in ERM II system). Pursuant to the article 2 of the Accession Treaty (Journal of laws of 2004, No 90, item 864) new states are bound by the provisions of the founding treaties and acts adopted by the Community institutions and European Central Bank before accession date. The Accession Treaty does not provide a right of refusal by Poland to introduce Euro and does not specify derogation in that scope (that is a transitional period). The aforementioned means nothing else that Poland has fully adopted hitherto legal achievements of the Community (Acquis communitare) in the scope of Euro introduction. Thus a Treaty establishing the European Union (TEC) should apply. Pursuant to which Member States shall conduct their economic policies with a view to contributing to the achievement of the objectives of the Community. The Treaty also provides that the European Central Bank shall have the exclusive right to authorize the issue of banknotes within the Community (article 106 of the TEC). Poland, pursuant to the article 109 of the TEC is obliged to ensure, at the latest at the date of the establishment of the ESCB, that its national legislation including the statutes of its national central bank is compatible with the Treaty and the Statute of the ESCB. The bodies of European Community are entitled to laid dawn the requirements concerning joining Euro zone.
Thus, community law requires Poland to introduce Euro as national currency. The aforementioned analysis indicates explicitly that Poland by accepting Accession Treaty obliged thereby to introduce Euro currency, of course when it meets the community criteria concerning the financial-economic currency stability. Due to the fact that it is impossible to determine the deadline of introducing Euro, the Accession Treaty did not provide derogation. However on the basis of the Treaty Establishing European Community we are obliged to take all appropriate measures, whether general or particular, to ensure fulfillment of the obligations arising out of the Treaty as fast as it is possible (article 10 TEC). Thus a discussion on referendum on introducing Euro currency in Poland is groundless. Similarly as above it is groundless to ask in referendum about a date of Euro introduction. The national authorities are obliged to run such an economic and financial policy as to facilitate as soon as possible the fulfillment of the Treaty provisions, that is joining Euro zone. One could search an analogy with the matter concerning joining Schengen zone, when we had to meet number of necessary criteria (inter alia: tight border, introducing the Schengen Data Exchange System). Society’s opinion expressed in a national referendum as to the introduction of the Euro currency is not necessary. Acceptance in referendum of the Accession Treaty already included consent for the introduction of Euro.
Under the aforementioned provisions of the Article 10 and 109 of the TEC Poland is obliged to introduce the union currency. The European Community Treaty is a part of polish legal system, which have precedence over acts (article 91 of the Constitution of the Republic of Poland).
Introduction of Euro requires first of all amendment of the Constitution. Its article 227 section 1 provides that the National Bank of Poland is central bank of the state, which has the exclusive right to issue money as well as to formulate and implement monetary policy. The National Bank of Poland shall be responsible for the value of Polish currency. The aforementioned provision has to be amended before Euro could be introduced in accordance with Constitution. The amended provision of the Constitution should abolish the monopoly of the National Bank of Poland as to the right of issuing money and formulating and implementing monetary policy, it should also permit introducing the community currency. In order to implement the necessary Constitution adjustment, an act on its amendment is necessary, which should be adopted by the Sejm by a majority of at least two-thirds of votes in the presence of at least half of the statutory number of Deputies, and by the Senate by an absolute majority of votes in the presence of at least half of the statutory number of Senators. By the current parliament structure the consent of all parties shall be necessary (PO, PSL, PIS and SLD). It seems that inter-party agreement as to the introduction of Euro should be concluded as in the case of amendment of the Constitution in case of European arrest warrant (amendment of the article 55 of the Constitution).
After making an appropriate adjustment, the amendments to the acts should take place. Above all, the act of 29th August, 1997 on the National Bank of Poland should be amended, which provides that NBP shall have an exclusive right to issue the currency of the Polish Republic (article 4). The currency of the Polish Republic shall be notes and coin denominated in zloty and grosz (article 31). Currency issued by the NBP shall constitute legal tender within the Polish Republic (article 32). These exemplary provisions require modification. The aforementioned concerns also the Foreign Exchange Act. The amendments to other acts shall be also necessary. The best solution is a parallel work on project of the amendment to the Constitution of Republic of Poland and the project of the act introducing the Euro currency and the act on amendment of other acts. After an adjustment to the Constitution would have been make, an act introducing Euro could be adopted, which would definitely abolish all barriers impeding functioning of a new currency. The work on one act seems to be most rational solution, which has an advantage of a comprehensive approach to an issue and speed of the legislation works. It would be also easier to assess the comprehensive act as to its conformity with union law (by the Office of the Committee for European Integration). Passing numerous acts would contribute to extension of legislation works and to over-production of normative acts. The act on introducing euro would include the appropriate vacatio legis in order to provide introduction of a new currency and to withdrawn zloty from circulation.
The current in force law is not an obstacle to participation of Poland in the Exchange Rate Mechanism (ERM II). If an economic test proves to be successful, our country will be obliged to achieve the highest level of financial-economic integration in EU which results in introducing the community currency. The decision on introduction of Euro has already fallen (in the Accession Treaty). However the deadline of introducing Euro is postponed till meeting by our country financial-economic criteria required by the European Community. Knowing that, we should already today take actions for introduction of Euro. As far as legal aspect is concerned, the amendment to the Constitution is unavoidable, similarly as adopting new legislation. Positive example of joining Poland to the Schengen Zone and introducing Euro by Slovakia as of 1st January, 2009, shows definitely that replacing zloty with community currency, is dependent exclusively on our aspirations and reliable work.
