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Government Not Yet Ready to File EU Recovery Funds Request

POLAND
  • The EU Minister Szynkowski spoke in a radio interview this morning, stating that Poland is not yet ready to request EU recovery funds, and is to travel to Brussels on Thursday to extend negotiations. Szynkowski wants to delay a payment request in order to be confident that its request will be accepted, adding that Poland will be steadfast in principles, but flexible on details.
  • The government are said to be seeking written confirmation from the EU on milestone measurement in order to draft laws and push through legislation in parliament, according to sources in Rzeczpospolita.
  • Echoing comments from Kotecki earlier this week, NBP’s Tyrowicz sees the unchanged rate decision as a “big mistake”, with inflation projections providing no arguments for pausing tightening. The comments add to the view that last week’s decision was fractious, with a number of NBP members already voicing their opposition.
  • The head of the PFR flagged in an interview with Gazeta Wyborcza that the path to disinflation relies on higher unemployment, but Poland’s strong labour market may cause this process to take much longer. However, Poland should avoid recession next year, and forecasts 1% growth.
  • Prelim Q3 GDP crosses at 10am local time (0900GMT), expected flat on the quarter, and +3.4% on the year. Final October CPI also crosses.
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