Recently, two bits of news about Poland (part of the mighty European Union):
Fury in Brussels after Warsaw court rules Polish Constitution overrides EU law
In Thursday's ruling, the tribunal said that the constitution is the supreme law in Poland and every international agreement or treaty, being lower in rank, must respect that supreme law.
The Polish tribunal took aim at two specific articles from the EU treaties: article 1, which establishes the existence of the European Union and the conferral of competences from member states, and article 19, which determines the powers of the EU’s Court of Justice (ECJ), whose mission is to ensure the observance of EU law across the bloc.
Poland Unexpectedly Hikes Rates For The First Time Since 2012 To Tackle Nontransitory Inflation
Just a few short hours after the RBNZ hiked New Zealand's interest rate from 0.25% to 0.50% for the first time since the covid pandemic ... an actual surprise came out of Poland whose central banks unexpectedly raised interest rates by 40 basis points, caving in to pressure to act against surging inflation that has already prompted nearby Hungary and the Czech Republic to start tightening monetary policy.
In a nutshell, the (local) Polish law can take precedence over EU law, and their constitution will be the final judge. And beside that, their National Bank is ignoring the "transitory" inflation sold by ECB/FED and it's doing as they're thinking is good for their own country (and currency).
And this is how exactly it should be.
An union will not be stronger by making their own members weaker. Each country in the union has its own history, language, culture, strengths and weaknesses. The union should be about collaboration and not about one size fits all kind of thing. Especially when Bruxelles ignores pretty much the realities in Central and East Europe, and to some extent even South Europe. And this is not coming nicely when you tend to treat these members as a second class citizens.
Poland, no doubt has to strength to stand by their decisions even if some voices are trying to scare them with ... Polexit! Poland is not against EU, but to build a strong one. After all Poland was here long before EU and it be probably long after.
The other item, is that they can play a little bit with their currency, interest rate and trying their best to protect their own citizens. Which would not be possible if they would have been in € zone! If they would have gave up of their złoty and join the rest of the euro currency.
Countries (as Spain, Italy, Greece, France, Portugal) have their hands tied in financial matters and they're completely dependent of their overlords in the ECB* (like Christine Lagarde) since they use euros instead of their own currency. They cannot fix their economies using monetary measures, so they're just keep on borrowing from ECB more and more euros. In the end, that means that each euro in circulation will have a smaller and smaller value.
* "Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency." (they completely failed on these - n.a.)
