NBP President Marek Belka, during a press conference after the meeting of the Monetary Policy Council ws. Interest rates Photo: PAP / Tomasz Gzell
interest rate policy was very successful – so Belka summed up the activity of MPC under his leadership last summer in the Parliament.
On Friday, Parliament has to make a choice Adam Glapiński new president of the NBP, the day will end a six-year term Beams.
Introduction banknote 500 zł
Her crowning achievement was the presentation of banknote 500 zł. Only he, next to Hanna Gronkiewicz-Waltz (NBP president in 1992-2000), has recorded the issuance of banknotes in circulation. – 500 zł banknote is a response to market demand and the rising costs of maintaining inventories of strategic NBP – NBP president said, presenting the last Monday of a new 500-zł banknote with the image of King Jan III Sobieski. He added that the growing demand for cash due to economic growth, good situation on the labor market and low interest rates.
Belka for the post of President of the NBP, the deceased tragically in a plane crash in Smolensk Slawomir Fiddler, recommended performing the duties of the President Speaker of the Sejm Bronislaw Komorowski. – It’s candidacy optimal from the point of view of the independence of the National Bank of Poland – he argued. Belka has been elected by the PO and the SLD.
After the election announced in parliament that will defend the stability of the zloty, strengthened the independence of the NBP and supported the policy of the government so far, until it will not interfere with the primary task of the National Bank of Poland – ensuring the stability level prices.
He also said that as head of the central bank will try to speak clearly, because – as marked the – “there is nothing worse than talkative NBP president.”
Sam about himself: conservative fiscal
In the media presented as a conservative, but not without social sensitivity. – I once described as a fiscal conservative. I think it’s better to have fewer loans, more money, but I am not a miser. I believe that the budget is there to finance important social objectives and infrastructure – he said.
He argued, too, that between the government and the National Bank of Poland would be less tension, if established rule or create a tradition that the NBP profit is transmitted eg . to reduce the public debt.
After one of the first meetings of the MPC under his leadership declared that the Council expects that the government will take decisive action to decrease in 2011. budget deficit. But it was only after a substantial increase in inflation in the first half. 2011. MPC started to raise interest rates. In the autumn of 2010. This beam was the one who repeatedly voted against increasing interest.
The first rate hike in January 2011.
The first hike was place in January 2011. (to 3.75 per cent.). Was justified by the high inflation, resulting largely from the increase in fuel prices related to growing prices of energy resources to world markets.
The next hikes of 25 bp, took place in April, May and June 2011. (Up to 4 50 per cent.), when inflation was still higher than the inflation target. In August of 2011. NBP president said that the zeal to raise interest rates in the MPC already lower than in the first half. year. Feet – by another 25 basis points to 4.75 proc.- raised yet in May 2012.
From the autumn of 2012. Led by Belka MPC to contain inflation, began a series of interest rate cuts. In November and December 2012. And January and February 2013. Were reductions of 25 bp. In March of 2013. Feet cut by 50 basis points – to 3.25 percent. In May, June and July 2013. – 25 bp.
In July, 2013. Belka declared that “the Polish economy the worst is behind us.” He announced at the same time that the lowering of interest rates The Council completes its cycle of monetary policy easing. – Go to a state that can be called a neutral approach. This is of course nothing precludes the future – he said.
in October 2014. Monetary Policy Council cut its main interest percent.
In October of 2014. Monetary Policy Council cut the main foot per cent. by 50 basis points to 2 percent. per year.
Another, the last of that time reduction – by 50 basis points – took place in March 2015. Since then, the Council has not changed feet, and Belka spoke, among others, at press conferences, that at the end of 2015. deflation should yield. At a recent conference after the MPC meeting with his share of self-critically admitted that he was in this case too optimistic. The level of interest per cent. at the level of 1.5 percent. is the lowest in history.
In the summer of 2015. presenting in the parliament last for his term report on the activity of the NBP, argued that the interest rate policy MPC “has been very successful.”
He reminded that Poland is the only member of the EU, which in the era of global crisis avoided recession. In his opinion, this allowed the NBP to avoid departure from the “policy pursued by means of interest rates.” – I know that “green island” is a concept with which to ridicule. I do not ridicule. It is a great success – he said, and the hall of the Sejm responded to him applause.
Support for the reform OFE
This is not the only friendly gesture beams against the Government of PO-PSL. In 2011. Tusk’s cabinet endorsed the ideas concerning. The reform of the pension funds. He admitted that due to the power budget then transfer system of contributions to pension funds is not sustainable. He argued even that the optimal solution would be to suspend for a couple of years of contributions to pension funds and organize during this time of public finances.
In the spring of 2012. When was fought debate over the project to raise the retirement age to 67 years and the equalization of the age for men and women, Belka expressed himself as a supporter of this idea. – I am a supporter to seven years of work – as she said Mrs Kemp – women make – he said. He argued that today people aged 70 years in mental and physical form of a 50-year-olds with generations of his parents.
public dispute with Deputy Prime Minister and Finance Minister Jacek Rostowski
in the summer of 2013. beam supported Although the government’s idea of a budget amendment, but in this period came to his public dispute with Deputy Prime Minister and finance Minister Jacek Rostowski.
the head of the National Bank of Poland said that the budget 2013 . was based on overly optimistic assumptions, both in terms of GDP growth and inflation rate.
on the other hand, presenting in July 2013. in the Parliament an annual report on the activities of the National Bank of Poland explained that Poland is favorable situation and the NBP does not have to lead “unconventional” monetary policy; too low interest rates could hurt the zloty, and their stable level should deter speculators – he said.
A year later, it turned out that it was during this period Belka pressed representatives of the government of Tusk to dismiss Rostowski.
affair band
in June of 2014. weekly “Wprost” has revealed records of recordings of conversations by leading politicians and businessmen in several Warsaw restaurant, which was later called the “tape scandal”. The first was disclosed the conversation with the head of the Interior Ministry beams Bartlomiej Sienkiewicz. It came in July 2013. In the restaurant “Owl and Friends”.
In an interview appeared topic hypothetical support by the NBP state budget a few months before the election, which can win the PiS; Belka in exchange for support of a condition, the resignation of the then Finance Minister Jacek Rostowski and the Act on the Central Bank.
– With nearly two-hour conversation were published out of context a few minutes passages that talk about the stability of the financial system – through manipulation – They are trying to present as exceeding the powers of the President of NBP, which never took place – preached the first after the disclosure of recordings message NBP.
Sam beam expressed regret because of the conversation, but declared that he would not give his resignation. Such a solution suggested for even MPC member Jerzy Hausner, the beam in an interview called “the piwotalny.”
Belka argued, however, that the conversation with Sienkiewicz was private and no one as a citizen can not be deprived of the right to hold opinions and judgments, which he utters in various conversations.
Asked about the possible resignation of the then finance Minister Jacek Rostowski said it, who will head the finance ministry does not depend either from him or from Sienkiewicz. He stressed that spoke also about Rostowski as a very good Minister of Finance, but the media this information przemilczały.
In the autumn of 2013. Occurred to resign Rostowski, which in the chair head of MF replaced by Mateusz Szczurek.
Belka survived therefore the most serious for himself crisis.
Distancing the problem frankowiczów
When you see a problem frankowiczów as a result of the “black Thursday” on January 15 2015. (release of the franc against the euro) beam little is spoken. However, he distanced himself with the idea of solving the problem frankowiczów presented by the head of the Financial Supervision Authority Andrzej Jakubiak. He admitted that he did not know whether accounting rules allow for the distribution of potential losses of banks, created after proposed by the head of KNF currency translation. Already in 2010. Belka spoke of limiting the scale of foreign currency loans and argued that a large share of such loans with the risk erode the financial stability of the whole country. “We do not believe in it, to ways of financing these loans by the banks were fully stable,” – he said at the time.
After winning by Andrzej Duda presidential election beam again had to explain. Earlier, he said in fact that young people in presidential election voted for “comedian”. Belka said that looking towards the candidates in the first round, that “some of them could lay claim to this honorable title of”. He assured, however, that he is indignant that anyone could believe that his words could apply to the president. – It is absolute nonsense – he said. He stressed that he meant “different candidates, let’s call it exotic.”
After the elections, unexpectedly won by the candidate Law and Justice said that young people in recent weeks showed elite “red card”. – I have to disagree, but I understand – pointed. I argued: “Our highly successful transformation is at the same time 40 per cent. Of young people working in unconventional employment contracts (…) in the last 15 years, labor productivity in Poland grew much faster than in the Czech Republic, Hungary and Slovakia – wages grew two and a half times slower. “
After the election, October 25, 2015 r., and taking power by PiS Belka spoke rather cautiously. Mild criticism formulated only to the so-called. bank tax, noting that it would be better that was “designed differently and would rather rely on a hike rates CIT”. After that, as in January 2016. S & amp; P lowered the rating of our country, NBP in the message posted on good economic fundamentals and stable growth of the Polish economy.
Lost struggle to seat the head of the EBRD
the government Beaty Szydło reciprocated the support of the candidacy of beams on the President of the European Bank for Reconstruction and Development, the head of the NBP ultimately was not.
Recently Belka very positive assessment of his potential successor, Adam Glapiński . Called him even after he ended term Glapiński the MPC, the NBP Management Board.
Jacek Borowski, chief analyst at Credit Agricole: Marek Belka in plus you need to include a successful foreign exchange interventions. Could not however improve communication with the market.
Source: Newseria
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