EU once again under strain

Creation of the European Union led to political and economic integration of the European continent. Obviously, from the beginning the community was characterized by substantial variations with regard to the level of economic development of the member states.

The challenges they tackle together require constant work on achieving the highest integrity possible. Establishing common currency and synchronising monetary policy was an extremely important and profound step in the post-war history of European integration.

Monetary unity was supposed to signify final consolidation of the European Union and ultimately secure its position on the international arena.

However, time has shown that completing the establishment plan in 1999 did not led to irreversible triumph of the European Monetary System, as after no more than ten years faced a serious crisis indicating a series of shortcomings introduced both during planning and realisation.

It turned out that while currency integration was treated as an attractive tool of fulfilling political ambitions, economic conditions of the process were definitely underestimated.

Despite the fact that the EU public honestly put their faith in the politicians saying that the euro will stimulate economic growth, bring stability and reduction of unemployment, we know today that the common European currency not only failed to bring about the much talked about economic growth, but also caused various implications for particular members of the Eurozone.

Political decision-makers, blinded by a wave of visions of international compromises that would bring Europe creation of stable macroeconomic frameworks, ignited great hope in societies.

Is exit of the Great Britain from the EU actually the darkest scenario that would mean the end to the many years of fight for bringing the concept of European unity to life?

According to the Vice-President of the European Parliament, currently Alexander Graf Lambsdorff, the possible exit of Great Britain from the Community will by no means destroy it, and regarding the possible Brexit in this way is, in his opinion, an obvious mistake.

The German MP, a member of the liberal Free Democratic Party (FDP), expressed this opinion last Sunday. At the same time, he stressed that he obviously still counts that in the referendum on the 23^rd of June on the UK membership in the EU the Brits will not vote in favour of leaving the European Union.

According to him, the results of the vote will not constitute the future of “Project Europe”. The European Union without Germany or France is absolutely unimaginable, but the European Union without Great Britain is what we had at the very start – said Lambsdorff in an interview for a German public radio Deutschlandfunk.

The EP Vice-President stressed out that the European Union needs reforms regardless of the vote made by the British.

Six recent surveys made for the What UK Thinks Institute show that the group of political supporters of keeping the EU membership may count on 51% of public vote, while the Brexit camp on 49%. The experts warn against drawing hasty conclusions, as the polls show how much the British society is divided in this respect.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our personal income tax advisory, or contact us for a free consultation.