The NBP informs the ECB, the IMF and the World Bank about threats against the President, Prof. Glapiński. Attacks on the central bank damage Poland’s prestige

At yesterday’s press conference, Marta Kightley, Vice President of the National Bank of Poland, announced that, as previously announced, the Board of Directors of the Polish Central Bank has informed the European Central Bank, the International Monetary Fund and the World Bank has stated of the threats against Prof. Adam Glapinski.

This is about bringing the NBP president before the State Tribunal, which the leading politicians of the current opposition are talking about publicly and which was also written in the Civic Coalition’s program document “100 specifics for the first 100 days”. .

The accusations against President Glapiński are inflated and political

Vice President Kightley called the justifications given in the case “vague and political,” adding: “You can’t do things like that based on unrealistic premises, it’s bad for the country, the institutional order and the economy.” ‘

She also stated that the NBP expects these international institutions to take action on this issue and confirmed that meetings have already been planned with their representatives, and their legal services are analyzing the situation in Poland.

Let us not forget that last summer the leader of the Platform, Donald Tusk, tried to undermine the candidacy of Prof. Adam Glapiński for the second term as president of the National Bank of Poland (NBP), publicly accused him of mismanagement of the central bank and additionally threatened that if the Platform came to power, he would be forcibly removed from the NBP building deleted .

In July 2022, Tusk said at the convention in Radom: “Adam Glapiński is not only incompetent, not only indecent in what he does, he is also illegal. He will not be president of the National Bank of Poland for another day. You don’t need an account. If the Platform wins the elections, I will personally remove Glapiński from the National Bank of Poland.

The main motivation for these sharp and absurd attacks by Tusk on President Glapiński was to prevent his appointment for a second term as an opponent of Poland’s entry into the Eurozone.

Tusk changes the story

Now that the story has changed, there is no mention of taking out the NBP president by force, but he is threatened with being brought before the State Tribunal, and politicians from Platform, Ruch Hołownia and even PSL are doing so.

They accuse President Glapiński of disrupting the stability of the Polish zloty, indirectly financing the state budget through the purchase of government bonds, and intervening in the foreign exchange market that weakened the zloty, which she said was an inflationary stimulus.

Indeed, the Constitution of the Republic of Poland provides that the President of the NBP must be brought before the State Tribunal, but only in a situation where he has violated the Constitution and other laws in connection with the position he holds or in the framework of his office .

It should be remembered that the State Tribunal is responsible for individual decisions and accusations related to interest rates or the so-called quantitative easing its collective decisions, the first by the Monetary Policy Council, composed of ten people together with the President of the NBP, in which each member has one vote, the latter by the nine-member NBP board, in which each member also has one vote.

Accusations that harm Poland

This means that opposition politicians are launching a public apparatus of accusations against the NBP president, which could cause enormous financial damage to Poland, without even considering whether it is possible, even formally, to initiate a process for it To start a state tribunal, in a situation where there are collective decisions, and not individual decisions.

It should also be remembered that politicians’ attacks on an independent central bank are unique in a democratic country and affect international prestige, and can also have serious negative financial consequences, including speculative play on the devaluation of the zloty and an increase in costs. of paying off Poland’s debts.

Let us also recall that the NBP is part of the European Central Bank system, which means that its independence is guaranteed by the European Central Bank and other EU institutions, including the CJEU (this EU court recently blocked the decision to remove the president from office). Latvian Central Bank from its function).

It is good that the NBP Board of Directors has decided to inform not only the ECB, but also international financial institutions such as the IMF and the World Bank, of this specific attempt to attack the independence of the central bank.

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