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NBP. Adam Glapiński on cooperation with the new government: the campaign is over, let’s get to work

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The election campaign is over, there is some outrage and extreme opinions. We are returning to normal work, said Adam Glapiński, president of the National Bank of Poland (NBP), during a press conference. He declared that the Polish central bank is able to cooperate “with any government”.

– NBP is a strong, independent institution. Its independence is established in the constitution, in the act, in treaty and European regulations – said Glapiński.

Adam Glapiński on cooperation with the new government

He added that “NBP cooperates with every government in the same way.” – It’s so obvious that it’s stupid to say it. He cooperated the same way, he cooperates, he will cooperate. Likewise, we would cooperate well with the government of Mr. Mentzen and Mr. Zandberg to show these (distant – ed.) poles – he said.

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– Of course, such a government is not being prepared, there will be another one. However, it will cooperate well with any government (NBP – ed.), just like with the previous government – emphasized Glapiński.

Adam Glapiński added that the President of the NBP cooperates with European central banks. – All these banks are independent, they are independent of the government, but also of the parliament of the countries in which they operate. If this were the case, any majority that would form could replace the central bank governor. What country would we live in? It would not be a Western-type civilization, he said.

– We are a civilized country, our central banking is one of the most conservative and positively perceived in Europe and the world – he argued.

– The election campaign is over, there is some outrage and extreme opinions. We are moving on to normal cooperation, he said. – I say: the central bank has little room for inventiveness in monetary policy, because you can approach different things differently, but the government also has little margin to move in fiscal policy if both of these institutions act rationally, and this is always the case in the Polish case. is – he said.

Thursday’s press conference of the President of the National Bank of Poland was exceptionally short – it lasted only 27 minutes. Glapiński’s speeches were usually much longer, and some of them even exceeded two hours.

Glapiński before the State Tribunal?

Bringing the president of the NBP, Adam Glapiński, before the State Tribunal was included in the “100 specifics for the first 100 days of government” of the Civic Coalition. As stated in the program, the head of the central bank would be held responsible for “destroying the independence of the National Bank of Poland and failure to implement the basic task of the NBP, which is to fight against high prices.”

In addition to the politicization of the National Bank of Poland and the inappropriate fight against inflationsome lawyers also accuse Adam Glapiński of illegally purchasing government bonds from the secondary market.

He was asked on Friday whether NBP President Adam Glapiński would be brought before the State Tribunal Ryszard Petru in the “One on One” program on TVN24. – The application is being prepared – replied the Polish 2050 MP and chairman of the parliamentary committee on economy and development. He added that “what the NBP did was dangerous for the economy and led to increased inflation.” – There are also other allegations. I am against thick lines. If someone broke the law, there must be punishment, Petru pointed out.

Chairman of the Civic Coalition Donald Tusk announced on Friday, referring to the possible prosecution of the NBP president before the State Tribunal, that his political formation will not do anything that would disturb stability or undermine Poland’s reputation in Europe. In turn, the Marshal of the Sejm Szymon Hołownia he said that such a proposal should be seriously considered.

NBP is considering an application to the CJEU

Vice-President of the National Bank of Poland, Marta Kightley, announced in an interview with the Financial Times that in the event of suspension of the President of the NBP, Adam Glapiński, in connection with his possible prosecution before the Tribunal of State, the Polish central bank will appeal in this case to the Court of Justice of the EU regarding the violation EU treaties (which mention the independence of the central bank).

President Glapiński himself wrote a letter on this matter to the European Central Bank (ECB) on November 15, 2023. Christine Lagarde, the president of the ECB, replied to him two weeks later. The European Central Bank indicates that the National Bank of Poland will be able to direct to CJEU possible suspension of the President of the NBP from his duties after being brought before the State Tribunal.

The result of the vote in the Sejm of the motion to bring it before the Tribunal is the suspension of the President of the NBP from performing his functions, and his duties are taken over by the Vice-President of the National Bank of Poland.

Main photo source: Radek Pietruszka/PAP

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