Mateusz Morawiecki (since November 16, 2015 Deputy Prime Minister and
Minister of Development) is speaking of attracting London’s banking
business after UK leaves the EU. Taking under consideration this and other
topic-related changes introduced by the new government, evaluate the
probability of Mr. Morawiecki’s success
By:
Student Number:
Course:
Contemporary Macroeconomics
Module Leader:
Prof. Nadzw. Dr. Hab. Bogna Gawronska
Date of Submission:
November 21, 2016
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1. Introduction
According the BBC portal, (2016) the referendum about the permanence of the United
Kingdom in the European Union, the 23rd June of 2016, announce the British decision of
abandon the European Union, this exit commonly abbreviated as Brexit (union between Britain
“Great Britain” and exit). This fact has been the pursuit goal of certain politics parties, civil
groups and some people from the United Kingdom. However, despite this circumstance, the
most important British banks could leave the United Kingdom starting for the next year (2017),
in the face of the growing uncertainties to the future negotiations for the “Brexit”, (Expansión,
2016).
Referring the mentioned before this essay pretends to offer an actual point of view about the
retirement situation of the United Kingdom from the European Union (EU) and the effects of
the economics strategies to attract business with the British banking to Poland, proposed by the
Polish Minister of Development Mateusz Morawiecki, in this regard, special attention is paid
to the successful possibilities of the proposal over the polish market.
In this sense, it develops as an economic case, following the works redaction guidelines
indicated by “Essay Writing Standards a Guide for Students and Lecturers” of Lazarski
University and Coventry University, indicating a brief introduction, followed by the structural
development on three titles and the analysis case, to finally draw conclusions and indicate the
consulted references.
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2. Poland, current situation
It’s clear that Poland is the sixth most populous country in the European Union, with over
38.200.000 inhabitants and a Surface of 312,685 square kilometers (km2), which make it one
of the main European actors with a capacity to adapt and resist within the context of a European
economic crisis. It’s a state of Eastern Europe. Limits to the north with the Baltic Sea and Russia
(Kaliningrad), to the East with Lithuania, Belarus and Ukraine, to the South with Czech
Republic, Slovakia and to the West with Germany. Was the only country in the UE, that did
not experience a recession during the recent economic crisis, only a slowdown that bottomed
in 2013 with a growth rate of 1.7%. In 2014, with a GDP growth rate of 3,3%. On the first
trimester of 2015, the GDP growth rate was 3.4%. Despite the dynamism the unemployment
rate remains high, standing at 11.2% in April 2015. (OFICINA DE INFORMACIÓN
DIPLOMÁTICA, 2016)
Poland, it is also, one of the founding countries of the United Nations (UN), it participates
on the cooperation programs of the North Atlantic Treaty Organization (NATO) on security
and defense within the framework of the Partnership for Peace and the Euro-Atlantic
Partnership Council (EAPC). The Office for Democratic Institutions and Human Rights of the
OSCE (ODIHR) chose Warsaw, (Polish capital city), as its seat since its inception in 1992. In
terms of its economy, this is dynamic characterized by low wages, for a high qualification in
its workmanship and by having a privileged geographical location, the country has its own
currency, the polish zloty. However, about microeconomics aspects of the country, appears the
role of prominent member of the Union, which is not as high as it should be, as there are several
factors that have devalued it, as the late incorporation of Poland into the Union (in May 2004)
and its low GDP per capita, which represents barely 64% of the EU average.
In the same year, 2004, the most part of the Polish banking system was in foreign hands and
fully integrated with European banking practices. For that reason, the entry of foreign banks
into Poland has been a complex process due to the existence in the country of a heavy
bureaucracy. Bureaucracy that requires the need to obtain many authorizations to operate in the
country and all this in an environment of poor computerization in the attainment of all these
authorizations. (Santos M, 2015. Pag. 55)
Refers to the mentioned author op. Cit. (pag.64), that the foreign banking, mostly exclusively
European, has played a very important role in the modernization of the Polish banking system,
recognizing that it is a country with a great growth potential. In this sense, it is understood how
the Polish Minister of Development, Mateusz Morawiecki, In February 2016, presented a plan
to transform the Polish economy to position it at the level of Western countries, this will involve
investments of one billion zlotys (about 240,000 million euros), in the same way, it is intended
