panelThe Hellenic Foundation for European and Foreign Policy (ELIAMEP) and the Embassy of the Republic of Poland in Athens organized on Thursday, 26 November 2009, at 17:00 hours, at the Y. Kranidiotis Amphitheatre at the Ministry of Foreign Affairs, a lecture by Mr. Jan Krzysztof Bielecki former Prime Minister of Poland; President & CEO, Bank Pekao SA, Warsaw.

Mr. Bielecki’s lecture focused on The success of the Polish economy in light of the global economic crisis

Key aspects of Mr. Bielecki’s intervention concerned:

1.    The Polish economy is less affected by external economic shocks because (i) of the size of its domestic market, (ii) its export share relative to GDP is only 40 percent, and (iii) Polish commercial banks did not over-leverage themselves with rapid credit expansion, in particular in foreign currency lending.
2.    In Mr. Bielecki’s view the economic crisis is a one-off event. While some countries are muddling through, others are focused on the continued implementation of a reform agenda, even if that means painful adjustments for citizens. But, the crisis is not over and may still spring unexpected external shocks.
3.    Poland’s membership in the EU is proving to be an anchor of stability during the economic crisis. Warsaw is currently receiving the equivalent of 1.4 percent of annual GDP in EU funds. Until 2013 Poland will be allocated by Brussels approximately € 67 billion of EU funds. This influx of resources poses a challenge for the absorption capacity and transparent management of EU funds for the authorities in Poland.

Mr. Byron Ballis Deputy Chief Executive Officer, EFG Eurobank Ergasias S.A., commented on Mr. Bielecki’s lecture. Eurobank is currently the only Greek bank that has invested in Poland, establishing Polbank in 2004.

1.    Mr. Ballis emphasized that Poland’s geographical proximity to large markets east (Germany) and west (Ukraine, Russia) matters as much as the country’s size of the domestic market.
2.    The political stability of Poland equally makes a difference in the investment calculus of foreign investors. With the government’s investment in large infrastructure projects and medium-term privatization plan, foreign investors find a stable and predictable business roadmap in the country.

See the interview of Mr. J.K. Bielecki.

Dr. Jens Bastian, Senior Research Fellow at ELIAMEP, moderated the discussion.