The paper presents a comparative analysis of real wage elasticity in Poland and selected OECD countries. According to the theory of optimal currency zones, this elasticity is fundamentally important in terms of the ability, on the part of the countries participating in a joint currency zone, to permanently neutralise asymmetric shocks. Real wage elasticity is therefore a key factor determining the balance of costs and benefits of Poland's accession to the Economic and Monetary Union.

The author has constructed several wage rigidity indices relating to the Polish manufacturing industry. These show beyond doubt that compared with the remaining countries under analysis, Poland is characterised by a relatively high real wage rigidity. One of the principal causes of this situation is the moderate degree of centralisation of wage bargaining, which weakens the link between the real wage level and labour productivity.

The findings of the empirical research presented in the paper suggest that after joining the Economic and Monetary Union Poland may be rather painfully affected by the loss of an independent exchange rate policy. In order to prevent the scenario of permanently high unemployment rates, the author recommends measures to increase wage elasticity in Poland. These involve, among others, enhancing corporate governance in enterprises, relaxing the provisions of the Labour Code, and modifications to the wage bargaining system in order to make it less centralised.