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Leaders Pro-EU Parties Discuss Coalition Agreement, PM Looks To Nominate Next KNF Chief

POLAND
  • Leaders of pro-EU opposition parties (Civic Coalition, Third Way, Left) are due to meet later today to discuss the details of their coalition pact, as they seek to amplify pressure on President Andrzej Duda to facilitate the formation of a new government. The Left's co-leader Robert Biedron said that pro-EU parties have already agreed on the distribution of areas of responsibility in the incoming government and are now debating final details surrounding personal appointments and specific policy matters. Biedron hinted that today, "by the end of the day," we should get "positive information".
  • Onet reports that Prime Minister Mateusz Morawiecki told his aides that he persuaded six opposition lawmakers to support his bid to return to power. Even if these rumours are true, this would not be enough to allow the ruling Law and Justice (PiS) to stay in power, as pro-EU opposition parties won 248 seats in the 460-seat lower house, while the far-right Confederation ruled out any entering any coalition.
  • There is speculation that the delay to government formation is to allow Prime Minister Mateusz Morawiecki to appoint the next head of financial watchdog KNF for a five-year term. According to Business Insider, current KNF head Jacek Jastrzebski is the front-runner to lead the institution after his term expires on November 23. Retaining control over KNF would help PiS obstruct the work of their successors.
  • Deputy Finance Minister Artur Sobon said that October inflation will be around +7.0% Y/Y. The preliminary reading will be released tomorrow morning (09:00GMT/10:00CEST), with consensus looking for +6.6% Y/Y.
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