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ECB's Lagarde Says ECJ Could Assess Lawfulness of Possible NBP Governor Suspension

POLAND
  • ECB President Christine Lagarde has responded to a letter from NBP Governor Adam Glapinski. The FT reported this morning that he was seeking support from the EU to defend it from Donald Tusk, claiming that the incoming prime minister’s calls to remove its governor harm its independence.
  • In response to that letter, Christine Lagarde said: "You could refer such resolution to the Court of Justice of the European Union and ask for the assessment of its lawfulness."
    • See the full letter here.
  • If the tribunal suspends Glapinski, “an appeal will be made to the European Court of Justice, because this suspension would breach the treaty on the functioning of the EU and statutes of the ESCB and of the ECB,” Marta Kightley, first deputy governor of the Polish central bank, said in an interview with the Financial Times that was published this morning.
  • As a reminder, the NBP's management board called a press conference for this afternoon (14:30GMT/15:30CET) without giving a reason. The board last held a presser on November 10 to push back against proposals to put Governor Glapinski on trial.
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