How simple things would be for Greece if only it were like Poland, with its own currency.
Poland’s currency, the Zloty, has fallen more than the euro over the last months, allowing it to stimulate its economy with competitively priced exports.
Poland’s exports were up by an annual 24 per cent in March – a figure that should show continued improvement this year as the sagging euro boosts German exports. That is because many German companies source at least some of their production in central Europe. In the Czech Republic, the March trade surplus widened by an annual 31 per cent.
“We are winners of the crisis,” says Slawomir Majman, the head of PAIiIZ, the Polish investment agency, speaking by telephone from China where he was taking part in the Shanghai Expo 2010. “Poland is a supplier of a truly rare product in the current environment – economic stability – investors have realised that Poland is stable.”
Meanwhile Greece has to run with a currency driven by the economic situation of Germany and France.