Euro vs. Zloty: Are Poles ready to relinquish their ‘gold’?

Poland’s relationship with the złoty is a long and storied one, spanning wars, economic difficulties, and even a few identity crises. But as the debate over adopting the euro rages on, one thing is clear: 74% of Poles aren’t ready to say goodbye to their national currency (Panel Ariadna, 2025). So, what’s fueling this resistance? And could the euro ever win Poles over?

Let’s look into it!

A stroll through the golden history of “zloty” in Poland

To understand the emotional bond many Poles feel with the ‘zloty', it helps to look back. Poland’s relationship with the złoty is like a long, dramatic marriage – full of breakups, makeups, and a stubborn refusal to call it quits.

“Zloty”, coming from “złoto”, the polish work for ‘gold’, made its debut in the 14th century as an accounting term for foreign gold coins. But the zloty didn’t become "real" money until 1663, when King John II Casimir introduced the tymf – a coin deeply unpopular due to its low silver content and sloppy craftsmanship.

After World War I, Poland briefly flirted with the Polish marka, but hyperinflation made it less valuable than the paper it was printed on. At the peak point, the U.S. dollar equaled over 9 million Polish marks (Obserwator Finansowy, 2018). And with prices doubling every few days, one imagines that Poles would need not wallets, but wheelbarrows, to carry cash to buy groceries.

By 1924, Finance Minister Władysław Grabski stepped in, wiped out the 'marka', and brought the zloty back.

Alternative names for Polish currency were considered

Before settling on the zloty, Poland debated some… creative alternatives:

• "Lech" – Named after the legendary founder of Poland. (Could you imagine ATMs in Poland advising to "Insert your Lech here"?)
• "Piast" – Honoring Poland’s first royal dynasty.
• "Kościuszko" – A tribute to the revolutionary hero, Tadeusz Kościuszko.

Ah, all the fun games we could have had with those names! Can you imagine it?

“ A cup of coffee is seven Kościuszko, sir!”

Alas, in the end, tradition won, and the zloty made its triumphant comeback – proving that even in finance, nostalgia is a powerful force.

Since then, zloty has seen highs and lows – from banknotes with watermarks and prison threats for counterfeiters to inflation – but it always bounced back.

And then came the euro...

Meanwhile, across Europe, the euro was born in 1999. First, it functioned only as a digital ghost currency, then, in 2002, it made its debut as cold, hard cash. Overnight, Germans said goodbye to their beloved Deutsche Mark, the French kissed the franc farewell, and Italians mourned their lira.

Today, 20 EU countries use the euro, from Portugal to Finland, and even tiny Monaco and Vatican City, can enjoy not doing mental math at borders. But Poland, an EU member since 2004, still resists the pull of the euro, same as Denmark, Sweden, Hungary, and the Czech Republic. Why?

Why some Polish people want to adopt euro?

According to the recent 2025 survey by Panel Ariadna, only 26% of Poles support switching to the euro, while the overwhelming majority – especially women (80%) – prefer keeping the złoty.

The biggest concerns? Rising prices (51%) and a lower standard of living, with women far more anxious (70%) than men (55%). Meanwhile, 26% simply don’t want to part with their national currency.

Political views also play a role:

• 52% of PO (Civic Platform) voters back the euro.
• Just 8% of PiS (Law and Justice) supporters agree.

And why others are reluctant to join the Eurozone?

A small but passionate 22% of Polish people argue that ditching the zloty would eliminate exchange rate risks, while 18% believe it would simplify international transactions. Another 13% think the euro would bring economic stability – though men are far more likely to see these benefits than women. (2025, Panel Ariadna).

The Panel Ariadna’s survey revealed that opposition to the euro isn’t just about economics – it’s emotional. Here, the top concern pertains to two different aspects of the change:

• "Everything will get more expensive!" (51%)

The #1 fear? Price hikes. Poles remember when Slovakia adopted the euro and many basic products suddenly cost almost double. Polish women (70% opposed) are especially wary – because if kielbasa prices jump, family budgets explode.

• Losing national identity (26%)

For many, the zloty is more than money; it is a badge of national pride. After surviving Nazi occupation, communism, and the 1990s inflation, Poles aren’t exactly eager to trade it for a "generic" euro.

The verdict: Will Poland ever ditch the zloty and make the switch?

For now, the zloty stands strong. The government quietly meets euro adoption criteria (low debt, stable inflation), but in the face of 76% opposition to the idea, no politician in their right mind dares touch the issue before an election.

Upon joining the European Union, Poland became obligated to adapt to the common currency, but no specific deadline was established for when this change had to take place. And so, 21 years later, here we are: the economists debate, the EU nudges, and the Poles simply shrug, saying: "Thank you, but that’s a ‘No’ to euro. Will guard our ‘gold’ like dragons."

References:

Europejski Bank Gospodarczy, Nasz pieniądz

PanelAriadna.pl, (2025), Euro czy złoty? – opinie Polaków na temat wprowadzenia euro w Polsce

RP.pl, (2018), Historia złotego na tle zmian gospodarczych i politycznych

ObserwatorFinansowy.pl. (2018). Silny złoty własnymi siłami