The fiscal pact gives the ECB widespread supervisory powers Shutterstock

After a debate on Tuesday, the Sejm, Poland's lower house of parliament, voted to ratify the EU's fiscal pact (formally the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union). The government hopes the move will pave the way for Poland to hold greater influence in EU fiscal affairs.

There were 282 votes in favor of ratification, 155 votes against and one abstention. During the debate, the only parties to oppose the ratification were Law and Justice and Solidarna Polska.

Law and Justice leader Jarosław Kaczyński, said the fiscal pact “limits Poland's sovereignty in a significant way, without doing us any favors.”

On the other hand, Finance Minister Jacek Rostowski claimed that the fiscal pact would make Poland's position in Europe stronger and more influential.

“The fiscal pact strengthens our position in Europe, strengthens our position in the key negotiations on the reconstruction of the euro zone and the European Union,” said Mr Rostowski.

The fiscal pact was signed on March 2, 2012 by 25 EU member states (rejecting the pact were the United Kingdom and Czech Republic). It will come into force when 12 of the 17 euro zone countries have ratified it.

Poland A.M.