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EU Finances loans Mateusz Morawiecki Poland Commentary

This is why Poland faces a ticking time bomb with joint EU debt

The European Commission’s ability to take out loans in the name of other member states will lead to huge abuses and corruption, argues one Polish blogger

editor: REMIX NEWS
author: Blogger Noseofthebeholder

The battle in the European Union over tying funding to so-called rule of law issues may actually turn out to be much less of an issue for Poland than the country agreeing to permit joint European Union debt to be issued.

Poland undoubtedly secured an impressive amount of funds from last week’s EU summit, and they will have more of an impact when they are used sensibly. Additionally, Poland will not have to experience the burden of having to return 80 cents for every euro sent to the country back to Germany, as the German minister of finance had once said.

However, alongside with these vast sums secured by Poland, Prime Minister Mateusz Morawiecki also agreed to the conclusion that the “European Commission will be authorized to take out loans in the name of the EU from capital markets.”

This outcome is a potential bomb, but with a delayed fuse. If Poland walks into this bomb, it will be unable to withdraw from a perilous situation, and the whole issue of EU common debt will explode in its face.