Governor Says Pace Of Real Wage Growth Is "Worrying," Flags Benefits Of QE During Pandemic

The bulk of the opening part of the Governor's statement is his defence of the NBP's inflation-fighting record, which he argues was delivered without significant socioeconomic costs. He says that "we are heading for 4% [GDP] growth," while real wages are growing at pace, which is "worrying."

• The Governor says that since the start of the COVID-19 pandemic, both average and cumulative inflation in Poland and Czechia were similar, but growth outcomes were notably different.
• In his view, one of the reasons behind this divergence was Czechia's decision to refrain from QE. He says that the NBP had to launch a QE programme because of the government's active policy, which helped shield the economy in times of crisis.
• He uses this evidence to push back against the first charge against him in the parliamentary motion to put him on trial - i.e. the accusation that QE was used to finance budget deficits.