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Government Defies ECJ Order to Pay EUR 500K Daily Fine

POLAND
  • At 10pm, Constitutional Tribunal starts hearing on whether Poland's Constitution takes precedence over EU laws (BBG).
  • Poland's top political figures were adamant on September 21 that they would not pay anything of the €500,000 daily fine, imposed the day before by the Court of Justice of the European Union (CJEU) for not suspending operations at one of the country's key lignite mines (Bne intelliNews / BBG).
  • PM Mateusz Morawiecki said at a press conference that Polish government approved booster for Pfizer and Moderna vaccines (against Covid) for people over 50 (and also people with immunologic deficiencies).
  • Last week, NBP member Jerzy Kropiwnicki mentioned that a rate hike in coming months cannot be ruled out and that the central bank decision will depend on the November projection. The first hike is likely to be 'small' and the NBP would not have to stop QE first to embark in a tightening cycle.
  • At this stage, there are three policymakers (Hardt, Gatnar and Zubelewicz) voting for an 'imminent' rate hike as they mentioned several times that inflation is now demand-driven in Poland and a gradual tightening could ease the inflationary pressures.
  • Yesterday, economic data showed that retail sales rose slightly more than expected to 10.7% YoY in August (vs. 10.5% exp.), up from 8.9% the previous month.
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EM BulletHomepagePolitical Market NewsTopicsBulletEmerging Market News

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