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Duda Appoints Morawiecki's Cabinet, Wnorowski Sees Case For "Higher-For-Longer" Strategy

POLAND
  • President Andrzej Duda will appoint Prime Minister Mateusz Morawiecki's Cabinet during a ceremony at 15:30GMT/16:30CET. This will set the clock ticking on a parliamentary vote of confidence, which will take place within the next two weeks, and will likely mark the end of Morawiecki's attempt to form government. Law and Justice (PiS) leader Jaroslaw Kaczynski confirmed that most of the outgoing ministers will not be part of the proposed Cabinet, which will have a more technical character. However, Onet sources suggested that most veteran PiS politicians were reluctant to enter a Cabinet, which will be voted down within a couple of weeks. There is an understanding that the composition of Morawiecki's Cabinet will be part of Law and Justice's preparations for assuming the position of the main opposition party and an attempt to increase its coalition-forming capacity.
  • Onet reports that Morawiecki has spent weeks lobbying for a nomination for Deputy Finance Minsiter Artur Sobon to the Board of the National Bank of Poland. The news website suggests that Governor Adam Glapinski has given his consent and President Andrzej Duda is also likely to agree. This comes after Morawiecki reappointed financial watchdog KNF chief Jacek Jastrzebski for another term just weeks before the expected handover of power to the pro-EU coalition.
  • NBP's Henryk Wnorowski said that "inflation in Poland hasn't lost anything from its persistance, so there is a strong case for 'higher for longer' strategy for interest rates". The official told PAP news agency that CPI is expected to return to the target in late 2025, which is "moderately satisfying" and precludes any imminent rate cuts. He added that the current level of the exchange rate is satisfactory and helps contain inflation.
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