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Interest rates – June 2022. Dariusz Rosati on the possible dismissal of Adam Glapiński, the President of the National Bank of Poland

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I would very much like to remove the president of the National Bank of Poland, Adam Glapiński, but from a legal point of view it is not easy – said economist, former member of the Monetary Policy Council, and now a member of the Civic Coalition Dariusz Rosati, in the TVN24 program “One for One”. The TVN24 guest responded in this way to the words of Bartłomiej Sienkiewicz, who announced the removal of the NBP president from power after KO wins the election.

Dariusz Rosati commented in “One on One” the words of Sienkiewicz, who in an interview with “Super Express” announced that the Civic Coalition intends to recall the president of the NBP, Adam Glapiński, after possible winning elections. According to the law, the term of office of the President of NBP expires after the expiry of the six-year term, in the event of death, resignation or recall.

Rosati about the possible dismissal of Glapiński

– The authors of the constitution made a really great effort to ensure full independence of the president of the National Bank of Poland. Precisely so that he cannot be dismissed by politicians, so that he can be completely independent in his decisions, Rosati explained.

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He also added: – The point was for him to fulfill his constitutional role: to take care of price stability and the value of Polish money. Unfortunately, the authors of the constitution did not foresee a situation where the president of the NBP would simply be an obedient tool in the hands of the ruling party.

Rosati explained that in the event of taking power by Civic Platform, Glapiński’s dismissal would not violate the constitution. – The point is that one of the conditions that make it possible to dismiss the president is a final court sentence, a final court sentence for committed crimes – said the economist.

When asked if Adam Glapiński had committed a crime, he replied: – This must be proven in court. But if it were possible, Adam Glapiński would have to step down.

He also added: – When assessing the activities of President Glapiński, I am not able to say at the moment whether he committed a crime. I am very critical of him for his politics. It cannot be ruled out (…) that the reason that could be an impulse to initiate court proceedings is that the NBP president did not maintain this independence. It can be shown that he fulfilled the expectations or orders of the ruling party. If that were the case in court, perhaps one could try to prove that there was a violation of the law.

Rosati pointed out that “if we look at the average, then Eurozone has a lower one inflation than Poland. “- If we look at core inflation indices that show the part of inflation for which the domestic policy of a given country is responsible, then in Poland core inflation is over eight percent. This shows that the National Bank of Poland due to its inactivity in 2020 and 2021 led to this inflation being too high – he said.

Also read: Bad news for borrowers. WIBOR 6M broke another border

Inflation and interest rates rise

From the introductory ones data of the Central Statistical Office shows that the prices of consumer goods and services in May 2022 increased by 13.9 percent. year on year, and compared to the previous month they increased by 1.7%.

Inflation in Poland is the highest in the 21st century, and at the same time the cycle continues interest rate increases. The Monetary Policy Council (MPC) raised interest rates by 75 basis points on Wednesday. This is the ninth consecutive interest rate hike. The main benchmark interest rate rose to 6.0 percent. This is the highest level since June 2008.

Interest rates and inflation in PolandPAP / Maciej Zieliński

Main photo source: TVN24

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