Most countries of Central and Eastern Europe that are now members of the EU developed impressively since the collapse of the centrally planned economy. Yet, Poland and other countries in the region still lack their own capital to compete on a global scale. The merger of Poland’s two state-owned refineries, Orlen and LOTOS, could illustrate a solution – selective state-ownership in crucial sectors.
Economic power is not shared equally across the European Union. Only one out of all EU companies in the Global Fortune 500 ranking is based in one of the new member states that joined the union after 2004. The remaining 112 companies are based in the “old” EU. Yet, as the case of a merger of two state-owned Polish oil companies shows, this unparalleled level of inequality is not being addressed by Brussels.
September 4, 2020 -