President says Three Seas can give new impetus to Europe

Tomasz Wiktor/PAP

Poland's president has said cooperation between the 12 countries lying between the Baltic, Black and Adriatic seas, which together form the Three Seas Initiative, is a force that can provide Europe with a new impetus.

The Three Seas Initiative is a Polish-Croatian project to develop enhanced transport and energy infrastructure in the region.

In a letter to the participants of the "Monetary Policy in a New European Reality" conference held in Warsaw, on Friday, and attended by representatives of the central banks of the Three Seas countries, President Andrzej Duda wrote that "the scale of the problems facing the global economy today is enormous."

"All the more so, we must face them together. Together, we are a force that can give Europe a new impetus. Together, we can embark on a new path of development," he added.

Duda went on to write: "Together, we can build a successful future for our region. This is especially evident today, when we show solidarity with Ukrainians who fight for their country."

According to the president, this solidarity gives a military and economic advantage to "the forces of the free world."

"The potential of the Russian economy, measured in GDP, is already smaller not only than that of the US economy or the economies of Western countries, but also the economic potential... of the Three Seas countries, Duda argued.

He added that Three Seas potential must be "put to good use" to solve problems such as rising inflation. Central banks are largely responsible for financial stability and economic growth and the economic security of citizens, Duda wrote.

He noted that, in 2019, Poland's state-owned development bank BGK and its Romanian counterpart Exim Bank set up the Three Seas Initiative Investment Fund, which focuses on investment in transport, energy and digital infrastructure in the region.

"All of these activities," he added, show that "together we can ensure political and economic security in the region, that by acting together, we can not only rebuild our economies, strained by the pandemic,... but also strengthen our resilience to global and local threats."

He added that he hoped that the Three Seas Fund could be the first step to creating a joint bank to finance development investment in the region.