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Motion Against NBP Governor Glapinski To Be Submitted Tuesday

POLAND
  • The motion to investigate NBP Governor Adam Glapinski and potentially put him on trial will be filed on Tuesday, senior ruling coalition lawmaker Janusz Cichon told Bloomberg. He flagged awareness that it would be a difficult process and of the possible obstruction by the Governor, but insisted that "we cannot afford (...) for the governor of such an important institution as the central bank to participate in a political dispute." The market has shown muted reaction to the news so far as the length and outcome of the expected probe are highly uncertain. We have briefly discussed the nature of the process in a note yesterday. Some of the accusations made against Glapinski have raised controversies, especially the claim that the central bank's QE programme may have violated the constitutional prohibition of monetary financing and the claim that certain monetary policy decisions were at odds with the NBP's legally defined inflation-fighting mandate.
  • Deputy Defence Minister Cezary Tomczyk told parliament that the military immediately informed then-Defence Minister Mariusz Blaszczak about an incursion of a Russian missile into the Polish airspace in December 2022, but Blaszczak did not take any further action as the projectile disappeared from radars, and later claimed that he only learned about the incident until a random civilian accidentally found the debris. Tomczyk said that the Defence Ministry will develop the procedures around informing top decision-makers and the public about incoming threats.
  • Onet reported that during a meeting of the main opposition Law and Justice (PiS) party's top executives former Prime Minister Mateusz Morawiecki requested the removal Sovereign Poland (SP) lawmakers from the PiS parliamentary caucus after their open criticism of his record as head of government. Interia circulated a separate piece noting that no such request has been made but party executives did hold a heated discussion on the future of cooperation with their right-wing allies.
  • The NBP will release February money supply data at 13:00GMT/14:00CET.
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