Monday, March 27, 2006

Bank Deal Starts Debate on Polish Role in United Europe - New York Times

Yet another international takeover blocked on political grounds. The NY Times suggests that this hints at an underlying uneasiness in the EU.

Bank Deal Starts Debate on Polish Role in United Europe - New York Times:
"The Polish government, alarmed at the idea of foreigners owning what would be Poland's largest bank, has blocked the deal, precipitating a bitter clash with the European Union and stirring a broader debate about economic nationalism and Poland's place in a united Europe.
Nearly two years after it joined the union, Poland seems no more at ease with its membership than do the French and Dutch voters who rejected the proposed European Constitution last year — driven, in part, by their fear of low-cost labor from the east"



interesting reading

Kain said...

Being Polish I can add to that: It is not fear of banks being owned by foriners (in fact all banks discussed are already owned by foriners anyway). It is more whether two banks should merge or not according to some privatization agreements with investors. After jouining UE investors claim that restrictions in merging do not apply any more while governemnt is of different opinion (personally I agree with investors)