Elżbieta Ostrowska and Wiesław Janczyk received on Wednesday the recommendation of the Parliamentary Public Finance Committee for candidates for members of the Monetary Policy Council. The vote will take place during the session of the Sejm scheduled for January 26-27.
During the Wednesday meeting of the Public Finance Committee, prof. Elżbieta Ostrowska and Wiesław Janczyk were recommended for candidates for members of the Monetary Policy Council. During the committee meeting, the deputies asked questions to both candidates. Among them were, among others questions about the attitude to adopting the euro.
Candidates for the Monetary Policy Council (MPC). Members’ questions
– It is important for me that our country functions in the European Union and entering the euro area would have many positive results, not only from the economic point of view, but also from the point of view of the citizen, for example in terms of tourism or transaction costs – said Prof. Elżbieta Ostrowska.
However, she stated that she did not undertake any forecasts of when the adoption of the common currency would be possible. On the other hand, Wiesław Janczyk pointed out that Poland did not meet the criteria set out in the Maastricht Treaty for adopting the euro.
– I can imagine a situation where the Maastricht criteria could be met within the framework of the MPC’s term of office, but the benefits of owning one’s own currency cannot be overestimated – said Janczyk.
Among the questions asked by the deputies there were also those that concerned the views of both candidates on what is causing inflation in Poland.
– One party believes that the cause of inflation is the rise in energy prices, strongly inflationary, the other believes that inflation is to a large extent caused by internal factors. My answer is that the MPC must remember about the economy and how the economy will ultimately react to decisions in its decisions on interest rates. It is difficult to predict, I emphasize the dynamism of the situation, for example by how the pandemic surprised us and how the pandemic influenced the decisions of the MPC – said Ostrowska.
Wiesław Janczyk, in turn, spoke about the importance of the unemployment issue in monetary policy.
“Inflation is one thing, and one thing when 2 million people come home without being paid,” he said. – The leading countries in the world include the issues of employment and unemployment in the principles of monetary policy. The fact that we did not write it down in the constitution does not absolve us from seeing this issue out of the corner of our eye – he also said.
Wiesław Janczyk and Elżbieta Ostrowska – education
Wiesław Janczyk is a deputy of the current term of office on behalf of Law and Justice, he also held a seat in the Sejm of the 6th, 7th and 8th term of office. He is a long-term member of the Public Finance Committee, in 2015-2016 he was its vice-chairman, and currently chairs it. He was also a member of the Standing Subcommittee for Financial Institutions, and chaired it in the Sejm of the 7th and 9th term of office. In the years 2016-2018 he was the secretary of state in the Ministry of Finance, during this period also the Chairman of the Audit Oversight Commission. Previously, in 2007, he was a member of the Management Board of Remag in Katowice, he was also the president of ZEW Niedzica in Niedzica. In the years 1994-2005 he worked for Bank Gospodarki Żywnościowej SA – first 5 years in the Brokerage House, then as deputy branch director he managed the cooperation department with small and medium-sized enterprises, VIP clients and all retail clients.
He is a graduate of the Jagiellonian University in Krakow at the Faculty of Philology with a specialization in Polish Philology (1989). He completed postgraduate studies in Accounting and Financial Management at the Higher Vocational School in Nowy Sącz (2001). In 2017, he was entered on the list of tax advisors.
Elżbieta Ostrowska is a professor at the Department of Banking and Finance of the Faculty of Management at the University of Gdańsk. She graduated from the University of Gdańsk, obtained her master’s degree in 1975, in 1983 she obtained a doctoral degree in economic sciences, in 1993 a postdoctoral degree in economic sciences, and in 2002 she obtained the title of professor of economic sciences. In 2005-2010 she was the head of the Department of Finance at the University of Management in Gdańsk 2005-2010, in 2011-2015 she was the rector of the University of Finance and Administration in Gdańsk.
New MPC members. Vote next week
Voting on the selection of candidates will take place during the session of the Sejm scheduled for January 26-27. The new MPC members will replace Grażyna Ancyparowicz and Eryk Łona, elected by the Sejm, whose terms end on February 9.
The Monetary Policy Council is composed of the President of the National Bank of Poland, appointed by the Sejm at the request of the President of the Republic of Poland, and nine members. Three are appointed by the Seym, three by the Senate, and three are appointed by the President of the Republic of Poland.
The terms of office of two MPC members nominated by the Senate – Eugeniusz Gatnar and Jerzy Kropiwnicki – end on 25 January. In their place, the Senate has already elected Ludwik Kotecki and Przemysław Litwiniuk. The term of office of the third one, Rafał Sura, expires on November 16.
This year, the terms of office of three MPC members appointed by the Sejm will expire – that is, Grażyna Ancyparowicz and Eryk Łon, as well as Jerzy Żyżyński (his term expires on March 30). Also, two members of the MPC indicated by the president will finish their work this year. It is about Łukasz Hardt and Kamil Zubelewicz, whose terms of office expire on February 20. Only the term of office of the third of the “presidential” members of the MPC, Cezary Kochalski, ends on December 21, 2025.
The term of office of the President of the National Bank of Poland, Adam Glapiński, ends this year. He assumed the office of the president of the central bank on June 21, 2016 after the swearing-in by the Sejm of the Republic of Poland at the request of the president, and the term of office of the NBP president is six years. However, while a member of the MPC can only be for one term, in the case of the NBP president it is possible to be elected for a second term.
Main photo source: PAP / Radek Pietruszka