For his vocation voted 284 deputies, against – 124 MPs and 34 abstained. Adam Glapiński as president of the NBP will replace Marek Belka, who turns 6-year term.
Adam Glapiński is an economist and politician, in 2010-2016 member of the Monetary Policy Council, and since March 2016 member of the board of the National Bank Polish. He was active in the opposition in the days of communism. In the early 90s he was one of the founders of the Center Alliance. In those years, he was, among others, Deputy Prime Minister and Minister of Foreign Economic Cooperation. In 1997 he was a senator from the Movement for Reconstruction Polish, after leaving office did not seek re-election. In later years he was a member of the supervisory boards of companies such as KGHM Polish Copper and president of Polkomtel.
In recent statements Glapiński assured that if the data he will be the president of the National Bank of Poland, will saw to it that the central bank was independent, and present level of interest rates considered suitable.
He advocated the inclusion KNF in the structure of the NBP. – It seems that in 2-3 years is not the level of interest rates will attract attention, but the restructuring of banks and the stability of the banking sector, financial – argued.
“Changing Beams on Glapiński will not be shock “
the challenge for Adam Glapiński as head of the NBP may be primarily help frankowiczom, not deflation and GDP growth – believes economist Piotr Kuczynski. Opposite view prof. Elizabeth Mączyńska – according to her Glapiński not get involved in helping frankowiczom, and the challenge will be just deflation.
According to principal analyst Xelion Piotr Kuczynski Glapiński “knows his job,” because for many years he was a member of the Monetary Policy Council, and in recent months he has been on the board of National Bank of Poland.
– Changing Beams on Glapiński will not be so any shock – he said. The problem – says expert – may be but the relationship with the new head of the bank’s Council of Ministers. – Since there have always been conflicts between the Monetary Policy Council and the Government. Finance Minister always wanted interest rates were low and the NBP to support economic growth, and the NBP defended himself against this. Prior to this challenge will be the new head of the central bank – he said.
Kuczynski believes that the challenge for the new head of the bank should not be deflation, or GDP growth.
– We expect that next year will be inflation. (…) Prof. Glapiński will have a fairly comfortable situation compared to other central bankers. If we look at Mario Draghi of the European Central Bank, Janet Yellen (the Fed), and Haruhiko Kuroda (the head of the central bank of Japan), they are faced with a different problem. Poland’s economy is growing, we have the EU funds, which give us a decent kick and the next year it should be. We do not need to fight for economic growth, as I just mentioned economies – the US, Japan and the euro zone; We are in a rather comfortable situation. If you do not touch us in the coming years, some foreign superkryzys, it prof. Glapiński as head of the National Bank of Poland will be in a rather comfortable situation – he said.
The expert admits, however, that a challenge for the new head of the National Bank of Poland may be the subject of assistance frankowiczom.
– With PiS coming to different voices. Some politicians say that the NBP will have to take part in it, on the other hand, recently presented by the experts of the proposal has nothing to do with the participation of the NBP. On the contrary, there are voices that the bank will not take part in it. We do not know how it will really – Kuczynski notes.
– I’m afraid that if adopted such a version of the bill that would create a massive purchases by banks francs, the NBP would have to participate in this operation. However, not on the principle that it would generate some measures, for example by getting rid of the part of foreign exchange reserves, (…) but using swaps to replace the SNB – Swiss National Bank – francs for gold, and then vice versa, providing funding to banks. So that is not passed through the foreign exchange market and raised franc in the heavens. The central bank will be able to do, and this is not a challenge that prof. Glapiński it could not cope – said the expert. He added that if the National Bank of Poland, however, had to finance assistance for frankowiczów, it would be very badly received by the financial markets.
The opposite view than Kuczynski is the head of the Polish Economic Society, prof. Elizabeth Mączyńska. In her opinion, it is deflation will be the main challenge for the new head of the National Bank of Poland. – The difficulty of the situation lies in the fact that the entire economic theory, the actions of central banks and the financial sector have so far been focused on combating inflation. The whole monetarist theory was oriented to the fact that money is not subject to excessive inflation. Meanwhile, life played on a trick on the world financial – we are dealing with processes deflationary – she said.
“There is no guarantee that Poland will come inflation”
In her opinion, there is no guarantee that Poland will come inflation. – Each quarter, experts predict the end of deflation and every quarter it turns out that deflation continues. Niepojące is also true what they say world economists – indicate the growing risk of eternal stagnation. What it comes from? Among other things, the reason there are demographic factors – in the US, for example shrinking middle class, the most attractive from the point of view of the market, because most consumes. Second, the aging population in developed countries – explained Mączyńska.
– The problem of the world is also the fact that demand has not kept pace with demand. Supply ahead of demand and will overtake due to technological progress. Manufacturers thus have difficulty selling products and more compete for the consumer. The more demand lags behind supply, the less chance of rising prices, “- she pointed out.
That’s why – he says Mączyńska – deflation will be a serious challenge for Glapiński. – Polish also experiencing this phenomenon, albeit to a lesser extent than other countries, because we are still state in the output, so the demand to take winds up the economy. If this does not shift from deflation, which is a Sleeper economy, to a small inflation, which is a measure of economic growth, the Monetary Policy Council will have a problem – she noted.
IAR / PAP, Celebrating
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