WSE CEO: euro has failed the test

- The entrepreneurship of Polish companies and their own currency helped protect the Polish economy during the pandemic, the euro failed this test - [...] https://www.pinterest.com/pin/1085437947660215829/

- Entrepreneurship of Polish companies and own currency made it possible to protect Polish economy during the pandemic, the euro did not pass this test, WSE CEO Marek Dietl said. According to him, we still remain a partially green island, as the eurozone countries coped worse with the coronacrisis. WSE CEO criticizes euro On his Linkedin profile, the WSE CEO said that Poland managed to save as much as 97.2% of its economy before COVID-19. - We owe this primarily to entrepreneurs, who have an exceptional ability to adapt to difficult conditions. At a critical time for their business, Polish companies skillfully took advantage of the solid protection of more than PLN 170 billion provided by the government's anti-crisis shields. Today they produce more than before the crisis: in December 2020 industrial production was 11.2 percent higher than in the same period a year earlier - he noted. He added that the previous year, as it were, confirmed the competitiveness of domestic businesses. The surplus of exports over imports at the end of November reached as much as PLN 51 billion. Zloty helped Polish economy According to the head of the Warsaw Stock Exchange, the Polish economy was helped by its own currency. According to him, the zloty has contributed to the reduction of deficit and at the same time to the elimination of inequalities in capital resources and Poles' productivity. The euro is said to have performed poorly against this background. - Meanwhile, the euro failed in times of pandemic. The eurozone, with a population of 342 million, has managed to sustain only 93.2 percent of the economy. It slowed last year to double the decline in global GDP and in the southern European countries of Spain and Greece, the recession was in double digits. Countries outside the Eurozone fare much better against this background. In the crisis year, they saved 96.5% of the economy's value. This clearly shows that the common monetary policy does not serve the economy and citizens of the eurozone - he concluded. Dietl added a graphic illustrating the level of saving the economy by EU countries in 2020, expressed in percentage terms. It showed that Poland was in second place, after Lithuania (99.1%) and before Estonia (97.1%). At the end of the list were Spain (89.8 percent), Greece (90 percent) and Malta (91 percent). Tags euro WARSAW STOCK EXCHANGE crisis