The National Bank of Poland (NBP) released a statement emphasizing that all decisions it made were and are “in accordance with the law.”
The coalition agreement signed by the leaders of the Civic Coalition, the Third Way (Poland 2050 and PSL) and the New Left assumes, among other things: bringing to constitutional responsibility “those responsible for attempts to unlawfully change the state system, violating the constitution and laws and violating the rule of law.”
Representatives of the parliamentary majority announce, among other things, the possibility of bringing NBP President Adam Glapiński under constitutional responsibility and bringing him before the State Tribunal.
Purchase of bonds by the National Bank of Poland. There is a message
In the latest announcement, the National Bank of Poland presented explanations about public accusations regarding the purchase of bonds during the coronavirus pandemic. The purchase of bonds by the Polish central bank is one of the reasons why – according to opposition politicians – the NBP president must appear before the State Tribunal.
“In the context of the latest information, we would like to clarify that all decisions taken by the NBP were and are in accordance with applicable law. The National Bank of Poland, as an institution of public trust responsible for shaping monetary policy and financial stability, believes that all allegations were directed against the President of the NBP, Prof. Adam Glapiński. Undermining the credibility of the central bank has a number of negative consequences,” we can read.
The Polish Central Bank indicated that the National Bank of Poland, as part of its structural open market operations, was not purchasing bonds on the primary market. Therefore, the purchase of securities by the NBP was in accordance with the provisions of the Treaty on the Functioning of the European Union, as well as with the provisions of the Law on the NBP, which was also reflected in the provisions of the 2020 Monetary Policy Guidelines .Adopted by the Monetary Policy Council (Monetary Policy Instruments in 2020).
“In response to the outbreak of the pandemic crisis – in conditions of severe disruptions in financial markets, extraordinary uncertainty and the deepest global recession in decades – asset purchases were made by around forty central banks, including most central banks from Central and Central Eastern Europe. Europe. The main purposes of asset purchases were: “The aim of many central banks after the outbreak of the pandemic was to counter disruptions in financial markets and – especially in economies where short-term interest rates were cut to almost zero – to improve financing conditions to relax. in the economy,” the National Bank of Poland wrote in a statement.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
