Following public statements by leading politicians from the Platform and the Hołownia party against the President of the National Bank of Poland, Adam Glapiński, the plan to bring him before the State Tribunal prompted a united press briefing. There, officials emphasized that such attacks undermine Poland’s financial credibility and stability, directly affecting perceptions in international markets.
The opposition seeks to summon the NBP chair to the State Tribunal
Glapiński asserted that assaults on an independent central bank by politicians are uncommon in democratic systems and can harm Poland’s reputation abroad. He warned that these moves could trigger negative financial consequences, including speculative pressure on the zloty and higher costs for servicing public debt.
He noted that the National Bank of Poland operates within the European System of Central Banks, with independence safeguarded by the European Central Bank and other EU bodies, including the Court of Justice of the European Union. This framework was cited after a recent EU ruling involving Latvia’s central bank leadership, underscoring the broader EU protections for central bank autonomy.
Opposition figures cited slow initial rate increases and the launch of asset purchases as rationale for singling out Glapiński before the State Tribunal, arguing these steps occurred in response to inflation and Covid-related economic relief programs for businesses and workers, respectively.
Rafał Sura, a member of the NBP board and a solicitor, reminded audiences that decisions in monetary policy are collective. He stressed that the ten-strong Monetary Policy Council, together with the NBP president, votes on policy choices, and that individual members do not bear sole responsibility for outcomes. He added that the nine-member board operates with equal voting rights, highlighting the shared nature of policy decisions.
In this context, politicians are pursuing a public campaign that questions the president of the NBP. Some argue this could inflict substantial economic harm on Poland, while others question whether it is procedurally possible to initiate a trial before the State Tribunal given the collective nature of policy decisions.
Tusk critiques the head of the National Bank of Poland
Earlier, the leader of the Platform, Donald Tusk, publicly challenged Glapiński’s bid for a second term. He accused the president of mismanaging the central bank and suggested that a government change would lead to Glapiński’s removal from the NBP building.
At a July 2022 convention in Radom, Tusk asserted that Glapiński was not only ineffective and improper but also unlawful. He pledged that if the Platform won elections, Glapiński would be removed from his post. The rhetoric centered on preventing Glapiński’s reappointment and, more broadly, among opponents, on avoiding a scenario where Poland would join the eurozone under his leadership.
The move was framed as part of a broader effort to influence Poland’s path toward monetary union and euro adoption, rather than a standalone critique of governance.
Opposition to Poland’s euro adoption
During his first term, Glapiński expressed clear reservations about Poland joining the eurozone. After being nominated by the President of the Republic, Andrzej Duda, as a possible Eurozone president, he signaled that Poland would not pursue euro-area membership while he remained at the helm.
Becoming part of the eurozone involves a lengthy process, including meeting Maastricht criteria, which cover fiscal and monetary standards. A national referendum and potential constitutional amendments could be required. Some observers suggest that Vienna-style alignment with the European Exchange Rate Mechanism II (ERM II) would be a step toward euro adoption, if pursued, though the path remains contested.
In practical terms, ERM II would require a joint application from the prime minister and the central bank governor to the European Central Bank, along with policy commitments to maintain exchange-rate stability within a narrow band. The central bank would defend this framework for the duration of its participation, with allowable deviations limited to a small margin around the fixed rate.
With this framework in mind, joining the eurozone could follow after a period of approximately two years, subject to political decisions and economic conditions. Observers often compare the potential impact to the experiences of neighboring economies, illustrating both opportunities and risks of euro-area membership.
Poland has emphasized that its own currency acts as a cushion against external shocks. Proponents argue that a flexible monetary and fiscal mix has contributed to steady GDP growth, even during crises, and helped keep unemployment comparatively low relative to broader EU trends. Supporters contend that careful policy choices have positioned Poland as a leading EU economy in terms of resilience and growth post-pandemic.
Glapiński stated during the press conference that attacks from opposition figures amount to a pretext aimed at pressuring his resignation to install a central-bank leadership more aligned with future political directions. Critics argue that the situation could push Poland toward the ERM II path, raising questions about the timing and feasibility of eurozone entry under varying political circumstances.
Ultimately, the debate centers on the balance between independent monetary policy, political accountability, and Poland’s long-term monetary strategy, with implications for market expectations, currency stability, and the country’s overall economic trajectory.