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National Financial Institutions and Their Role in Economic Growth




        When approaching the issue of the Polish financial sector since the beginning of the transformation process one can distinguish two fundamentally conflicting approaches. The first approach - liberal-global - has announced that the most important issue was the creation of effective, non-political financial institutions. The way to achieve this goal was to be a possibly quickest privatisation of existing institutions through the sale of the State Treasury's shares. The fact that it actually stood for surrendering them to foreign investors, very often with direct or indirect participation of national capital, was disregarded.

The second approach - national-local - was of the opinion that the preservation of the participation of the national capital was to be an important element in creating new private financial institutions. It had to be tantamount to the adoption of a slower way leading to privatisation as well as the search for unconventional privatisation forms and methods and the application of extraordinary financial instruments.

The prevalence of the former approach has led to the absolute dominance of foreign capital in the Polish financial sector. Such situation cannot be considered safe and advantageous from the perspective of long-term developmental interests of Poland, since it gives rise to numerous risks. Thus, it is necessary to give birth to a real alternative in the form of the national financial institutions development. Their role would be to support the forming of domestic capital and its proper allocation. In the long run, this will turn beneficial for the enhancement of competitiveness of the Polish economy and will help our economy rank higher, in relative terms, in the modern global economy and especially in the EU.