Adam Glapiński calls for his words to be treated as the official position of the NBP

The speech, which was shown by TVP Info, was made on December 1, 2021 during the award ceremony. Władysław Grabski. Importantly, the NBP president stressed several times that what he was saying was not his private opinion, but the position of a “constitutional body”.

What I am saying is the position of the National Bank of Poland. I am one of the three authorities that have the right and obligation to publicly present the bank’s position (…). I say this on behalf of the NBP management board, or on behalf of the Monetary Policy Council – said Glapiński and explained that when he loses the vote in the MPC, he presents an opinion that was originally contrary to his idea.

– I’m changing my rhetoric. Inflation is not temporary, but burdensome, and we will try to bring it to the minimum levels, said the President of the National Bank of Poland and explained that at least until the end of the first quarter of 2022 we will be dealing with high inflation. It is to remain elevated until the end of next year, and it should fall in 2023. At the same time, he made a reservation that it would still be outside the upper range of deviations in the projections.

At the same time, he reminded that the decision to raise interest rates will not lower the current inflation, but is intended to counteract the possibility of the so-called second round effects.

– This is aimed at a few quarters ahead when side effects may emerge. Current inflation can be influenced by fiscal policy by reducing taxes, which is what is happening now. But this is not a free lunch, it means less budget revenues, less money for expenses – said Glapiński.

About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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