The Monetary Policy Council. The Senate chose new members

  • The election of new members of the MPC is related to the expiring terms of the members of the Monetary Policy Council recommended by the Senate – Eugeniusz Gatnar and Jerzy Kropiwnicki
  • Ludwik Kotecki worked in the Ministry of Finance in 1996-2015. He was deputy finance minister in 2008-2012, when Donald Tusk was Prime Minister
  • Przemysław Litwiniuk is currently a councilor of the Lublin voivodship sejmik on behalf of the PSL. At the beginning of January, at the Senate Committee on Budget and Public Finance, he negatively spoke about the MPC’s fight against inflation
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Kotecki’s candidacy was supported by 51 senators, 41 were against, 5 senators abstained. In turn, Przemysław Litwiniuk was voted by 59 senators, 3 were against, and 36 senators abstained from voting.

The Monetary Policy Council is composed of the President of the National Bank of Poland, appointed by the Sejm at the request of the President of the Republic of Poland, and nine members. Three are appointed by the Seym, three by the Senate, and three are appointed by the President of the Republic of Poland.

January 25 this year. The terms of office of two members of the Monetary Policy Council recommended by the Senate will expire – Eugeniusz Gatnar and Jerzy Kropiwnicki. At the beginning of January this year, the Senate Committee on Budget and Public Finance questioned Kotecki and Litwiniuk, who were selected by senators as candidates for MPC members to replace Gatnar and Kropiwnicki. The committee gave a positive opinion to all candidates.

The Monetary Policy Council. Who are the new members?

Ludwik Kotecki worked in the Ministry of Finance in 1996-2015. He was there, among others, adviser to the minister and director of the Analyzes Department in 2000-2008. He was deputy finance minister in 2008-2012, when Donald Tusk was Prime Minister.

In the years 2012-2015 – during the rule of the Civic Platform Party of Donald Tusk, and then Ewa Kopacz – he was the Chief Economist of the Ministry of Finance. Kotecki was also a member of the Polish Financial Supervision Authority in 2012-2015. In 2015-2016, he worked in the International Monetary Fund, and after returning to Poland, he worked, among others as an independent expert. Since 2019, he has been an advisor to the Marshal of the Senate for economic matters.

Kotecki said in an interview with Interia at the beginning of this year that, in his opinion, the inflation level is “a very big problem for Poland for the next two years”. – The longer inflation lasts, the more difficult it will be to fight it and the more costly it will be – said Ludwik Kotecki.

Przemysław Litwiniuk is an assistant professor at the Institute of Economics and Finance at the Department of Finance at the Warsaw University of Life Sciences. He graduated from the Warsaw School of Economics and the University of Warsaw, completed his doctorate at the University of Warsaw, and obtained his postdoctoral degree at the University of Adam Mickiewicz in Poznań. Litwiniuk is also a legal advisor, and also works in the local government – previously at the poviat level as a councilor of the Biała poviat. Currently, he is a councilor of the Lublin voivodship sejmik on behalf of the PSL.

– When it comes to the turn of 2019/2020, I was surprised by the lack of actions bringing the level of inflation closer to the inflation target, which at that time was also 2.5%. If I participated in the work of this body, at the turn of 2019/2020 I would propose an interest rate correction – said Litwiniuk during the hearing at the Senate committee at the beginning of this year.

The terms of office of three MPC members appointed by the Sejm will also expire this year. The terms of office of Grażyna Ancyparowicz and Eryk Łon will expire on February 9, and Jerzy Żyżyński – on March 30. Also, two members of the MPC indicated by the president will finish their work this year. It is about Łukasz Hardt and Kamil Zubelewicz, whose terms of office expire on February 20. Only the term of the third of the “presidential” members of the MPC, Cezary Kochalski, ends on December 21, 2025.

The term of office of the President of the National Bank of Poland, Adam Glapiński, ends this year. He took the office of the president of the central bank on June 21, 2016 after the swearing-in by the Sejm of the Republic of Poland, at the request of the president, and the term of office of the NBP president is six years. However, while one can only be a member of the MPC for one term, in the case of the NBP president, two terms are possible.

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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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