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Lawmakers To Vote To Approve NBP Governor Glapinski for a Second 6Y Term

POLAND
BulletEM BulletEmerging Markets
  • Poland’s parliament will vote today to approve central bank Governor Adam Glapinski for a second, six-year term at 4pm CET.
  • Yesterday, PAP news agency reported that the leadership of Poland’s ruling Law & Justice party will discuss an option of holding early elections in the summer (BBG).
  • Rumours were starting to circulating in early 2022 as deputy PM Jarosław Kaczyński was starting to lose patience with coalition partner Zbigniew Ziobro, whose reforms as Justice Minister had ‘deprived’ Poland from receiving EU recovery funds.
  • As recession odds have been surging across Europe following the Ukraine war shock, political pressure has also been rising as Poland now rely 'heavily' on EU funds.
  • Numerous economic and financial indicators have been pricing in a significant deterioration in the economic activity in the coming 6 to 9 months.
    • The chart below shows that the dramatic flattening of the 2Y10Y yield curve has been pricing in a sharp fall in industrial production in the next 6 months.

Source: Bloomberg/MNI

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  • Poland’s parliament will vote today to approve central bank Governor Adam Glapinski for a second, six-year term at 4pm CET.
  • Yesterday, PAP news agency reported that the leadership of Poland’s ruling Law & Justice party will discuss an option of holding early elections in the summer (BBG).
  • Rumours were starting to circulating in early 2022 as deputy PM Jarosław Kaczyński was starting to lose patience with coalition partner Zbigniew Ziobro, whose reforms as Justice Minister had ‘deprived’ Poland from receiving EU recovery funds.
  • As recession odds have been surging across Europe following the Ukraine war shock, political pressure has also been rising as Poland now rely 'heavily' on EU funds.
  • Numerous economic and financial indicators have been pricing in a significant deterioration in the economic activity in the coming 6 to 9 months.
    • The chart below shows that the dramatic flattening of the 2Y10Y yield curve has been pricing in a sharp fall in industrial production in the next 6 months.

Source: Bloomberg/MNI