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Schäfer, Hans-Bernd

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Gazeta Wyborcza - Poland | 23/11/2011

Euro bonds won't help Poland

Euro bonds could work against Poland, the German economist Hans-Bernd Schäfer and his Polish colleague Arkadiusz Radwan argue in the left-liberal daily Gazeta Wyborcza: "Euro bonds must also be considered from the perspective of Poland's competitiveness on the bond market. If the euro bonds are introduced and meet with a positive response from investors across the world Poland's competitiveness on the bond market will be relatively reduced. This could increase the cost of financing the budget deficit. The introduction of euro bonds is therefore not in Poland's interest. However if it does come to this it will raise the question of whether Poland should try to join this system. The answer to that depends on how optimistic one is about the strength of the Polish economy and how Polish debts will develop."

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