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No need for revolution in Poland’s central bank, Adam Glapiński

Adam Glapiński

Legislation on Poland’s central bank does not require any changes, the newly appointed governor of the National Bank of Poland (NBP) has said. In an interview for daily Puls Biznesu, Adam Glapiński said Poland’s central bank is performing very well in implementing its core mission – stabilising price levels and endorsing the government’s economic policies.

“We have at our disposal practically everything that other central banks, say, in Britain, Japan and Europe, have,” Glapiński told the paper. “There is no need to resort to extraordinary measures in the absence of inflation,” he added.

Poland is on a growth trajectory, and is also seeing a declining unemployment rate, a trend that could only be challenged by another crisis of the banking system in the West, the new NBP chief told the paper. However, steps taken by the Polish central bank when the crisis erupted in 2008 are enough to secure liquidity in the country’s banks, he said.

A former economic advisor to the late President Lech Kaczyński, Glapiński was appointed a member of Poland’s rate-setting Monetary Policy Council in 2010. After his term ended in February, Glapiński was appointed to NBP’s management board in March.

Before joining the Monetary Policy Council, Glapiński presented himself as a supporter of a strong state presence in the economy and as an opponent of an early adoption by Poland of the euro.

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