Yesterday, Prime Minister Tusk announced at the press conference after the government meeting: “The application for the State Tribunal for Adam Glapiński is already ready. It will be submitted in the coming days.” The Prime Minister has not explained what substantive arguments would be included in the justification of this motion, but information is circulating in parliamentary chambers that the main one will be the “politicization of the central bank.”
If these kinds of superficial and difficult-to-quantify arguments were in fact the basis for an attack on an independent central bank and the destabilization of the main institution that conducts monetary policy in the country, it would be an unprecedented event in any democratic country worldwide.
Outdated and fabricated accusations
So far, politicians from the current ruling coalition have accused President Adam Glapiński of ineffectively fighting inflation, but after the latest announcement by the Central Bureau of Statistics that inflation for February was 2.8%, close to the inflation target of the Monetary Policy Council (2.5%), the objection loses credibility. Moreover, such a move could disrupt the stability of the Polish zloty, indirectly affect the state budget through government bond purchases, and intervene in foreign exchange markets in a way that would weaken the zloty. The Constitution of the Republic of Poland provides that the President of the NBP may be brought before the State Tribunal if there is a violation of the Constitution or other laws in connection with the office. The State Tribunal, however, decides on individual actions, while inflation and quantitative easing decisions are collective: the Monetary Policy Council, ten members plus the President of the NBP with one vote each, and the nine-member board of directors of the NBP with one vote each.
This means that the politicians of the ruling coalition (though it remains unclear whether all parties in Tusk’s government support the motion) are launching a public campaign of accusations against the president of the NBP. That campaign could inflict significant financial damage on Poland without first examining whether formal initiation of the State Tribunal is possible when the focus is on collective rather than individual decisions. Constitutional scholars have noted that even bringing the President of the NBP before the Constitutional Court cannot suspend him from office, because neither the Constitution of the Polish People’s Republic nor the NBP Act provides for such suspension; a recent Constitutional Court ruling echoed this position.
Attack on the NBP president’s independence – noticed by the ECB
It should be recalled that in early December last year, President Glapiński received a letter from Christine Lagarde, President of the European Central Bank, stating that any measure that could affect the ability to fulfill duties as President of the NBP may, if unlawful, violate independence. She added that Article 14(1) and Article 2 of the Statute of the European System of Central Banks and of the ECB guarantee protection of governors’ independence in such cases.
Following Prime Minister Tusk’s announcement about the attack on the National Bank of Poland, it is essential to emphasize that attacks on an independent central bank are rare in healthy democracies and affect international standing. They can also trigger negative financial consequences, including speculative pressure on the zloty and higher costs of servicing Polish debt, as noted by Marta Kightley, vice president of the NBP, in a recent interview. The NBP is part of the European System of Central Banks, which means that its independence is safeguarded by the ECB and other EU institutions, including the Court of Justice of the EU, which recently blocked a decision affecting the position of a central bank governor in another EU member state.
Amazement at Tusk’s irresponsibility
The situation is surprising, given the serious international context and the ongoing conflict abroad for more than two years. It is also notable that Poland faces a very high budget deficit this year, surpassing PLN 184 billion, with financing needs reaching almost PLN 450 billion and net obligations over PLN 252 billion. In this climate, the central bank’s independence could appear vulnerable, and a move to challenge it publicly could complicate economic stability in ways not seen before. The plan to attack a respected independent institution—especially under such fiscal pressure—has prompted concerns about the wider consequences for Poland’s financial health.