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A Benchmark Rate at 2% Would 'Not Be Excessive'

POLAND
  • Polish government spokesman Piotr Muller tells Dziennik Gazeta Prawna he used to be a "bigger optimist" when it comes to money from EU's recovery fund (BBG). Even though the dispute with the EU bloc over the Primacy Law could delay the process, Poland should see the recovery funds by the end of this year according to Muller.
  • Deputy Minister Jarosław Kaczyński reiterated in a recent interview that Poland has 'no intention' of leaving the EU.
  • This morning, NBP member Kamil Zubelewicz said in an interview that a reference rate at 2% would certainly 'not be too high'; even though the October rate hike was a surprise, he had been postulating it for a long time (Hardt and Gatnar are the two other NBP 'hawks'.)
  • Last week, NBP Governor Glapinski repeated at a gala that inflationary pressures are driven by factors outside monetary policy realm, and therefore he saw rate hikes as inappropriate to influence the current elevated inflation.
  • The uncertainty over the policy outlook remains elevate, and will depend inflation and growth data and forecasts.
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