Security and development. Poland wants to play for the highest stakes

Poland is asserting its growing economic influence on the global stage, advocating for a more significant role in key international decisions. "Nothing about us without us," declared Andrzej Domański, the Minister of Finance, during the "Rzeczpospolita" Economic Forum. He emphasized that as one of the world's fastest-growing economies, Poland deserves a seat at the table, particularly within forums like the G20.

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Nothing about us without us. Since we are among the fastest-growing economies in the world, we want key decisions to be made with our participation.

Domański highlighted Poland's success, driven by large-scale investments in basic production, and its leadership in sectors like home appliances and supplying parts for the aerospace and automotive industries. However, he stressed the need to move "higher" through energy transformation and the establishment of a robust capital market. The goal is to enable Polish startups to secure domestic financing and scale their operations using Polish capital.

Poland currently leads economic growth and boasts the second-lowest unemployment rate in the EU. The minister acknowledged a temporary increase in the deficit, attributed to heightened defense spending, and stated there are no immediate plans to join the eurozone. He believes Poland's current monetary policy, guided by its own interest rate decisions, is better suited to its economic cycle than alignment with the European Central Bank.

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We are among the fastest-growing economies in the world, this is our success. It results from large-scale investments in basic production. We want Poland to remain a leader in the home appliance market, to supply parts for the aerospace and automotive industries. This is what we have and what we will continue to develop. But we need to go higher.

Addressing geopolitical risks, such as the situation in the Strait of Hormuz impacting global commodity prices, Domański noted that Russia benefits from higher energy prices, funding its war in Ukraine. Poland is mitigating these risks through significant investments in gas infrastructure, including the Świnoujście LNG terminal, a new terminal near Gdańsk, the Baltic Pipe connecting to Norwegian gas fields, and expanded connections with neighboring countries. This diversification allows Poland to meet its own gas needs and alleviate supply tensions in Central and Eastern Europe, including Ukraine.

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In this moment, the policy of the Monetary Policy Council, shaping interest rates in Poland, is better adapted to the cycle we are in than if they were determined by the European Central Bank.

The government's "CPN (Lower Fuel Prices)" program, aimed at reducing fuel costs at the pump, incurs a monthly cost of 1.6 billion Polish zloty, funded by taxpayers. Domański indicated ongoing discussions with Ukrainian partners regarding potential energy cooperation.

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This is not insignificant amounts, which flow from our taxes.