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ECJ Fines Poland 1mil EUR/day over Judiciary Spat

  • Finance Minister Tadeusz Koscinski said in a conference yesterday that Poland may reintroduce local lockdowns in order to prevent another 'worse-case' scenario from happening again.
  • As CEE governments have been constantly criticized over the poor management of the Coronavirus pandemic (last winter / spring), leaders will be more 'risk averse' this time to avoid losing popularity.
  • The Court of Justice of the European Union (CJEU or Curia) has issued a ruling that fines the Polish gov't EUR1mn per day that it does not adhere to a previous ruling relating to judicial reforms enacted previously by the gov't in Warsaw.
  • The delay of the 36bn in pandemic aid combined with the potential new Covid restrictions could lead to a significant downward revision in growth expectations, pausing a threat to Polish risky assets.
  • Poland's media regulator wants the country's Constitutional Tribunal to check ownership rules for foreign broadcasters, reopening a rift over the local television unit of U.S.-based Discovery Inc (BBG).
  • At 11.30am (London time), NBP policymaker Lukasz Hardt takes part in panel discussion on inflation. As a reminder, Hardt has been one of the central bank's hawks, pushing the NBP to start a tightening cycle in the past few months to curb the inflationary pressures, which are expected to remain elevated until at least the end of this year.
  • Next important data to watch will be October CPI, coming out on October 29.

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