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Duda Pushes Back Against EU Demands

POLAND
  • Despite recent reports of a push for fresh legislation and concessions surrounding the judiciary, President Duda spoke this weekend and ruled out making any further concessions to the European Commission to obtain EU recovery funds. The President stated that Poland has already shown too much goodwill and has – to the best of his knowledge – met all the conditions necessary.
  • The future of Poland’s anti-inflation shield in 2023 may not be decided by fiscal concerns, but by complaints from the European Commission, according to DGP, due to centralized VAT rules on fuel and gas. The piece adds that despite the EU complaints, the PiS may be reluctant to end the shield.
  • The President attends the COP27 summit in Egypt today, with official reserves data also due. Focus turns to this Wednesday’s NBP decision, at which analysts are finely split between an unchanged decision and a 25bps rate hike.

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