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Gov't To Adjust Fiscal Plans Amid EU Warning, Econ Activity Data On Tap

POLAND
  • The European Commission (EC) included Poland on the list of countries which may be targeted by the Excessive Deficit Procedure (EDP). There is an expectation that this will result in fiscal tightening, precenting the government from implementing some of its spending plans, especially the increase in annual tax-free allowance. Finance Minister Andrzej Domanski said that he hopes that the EC's recommendations will be "mild" and take into account the extraordinary need to boost defence spending.
  • The main opposition Law and Justice (PiS) continues to look for a suitable candidate for the 2025 presidential election. Allies from the Sovereign Poland (SP) party said they would block a nomination for ex-Prime Minister Mateusz Morawiecki, according to one of its senior officials. Recent press reports suggested that PiS leader Jaroslaw Kaczynski is looking for a candidate, who would be a relatively young man, but already with some experience, in other words "Andrzej Duda 2.0 but better."
  • The Constitutional Tribunal struck down a bill adopted after the ouster of two convicted PiS MPs, arguing that they should have kept their seats and been allowed to vote. The President sent all the bills adopted since then to the Tribunal and more such verdict are expected, but the government is unlikely to honour them, which testifies to the current predicament of Poland's legal system.
  • Statistics Poland will release wage, employment, industrial output and PPI data for the month of May at 09:00BST/10:00CEST. The second batch of monthly economic activity data will be published tomorrow morning.
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