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MPC Dabrowski On Rate Hikes, EU Unlikely To Disburse Recovery Fund Payments

POLAND
  • Polish rate increases so far have been sufficient to stabilize inflation expectations, Polish Monetary Policy member Ireneusz Dabrowski says in interview with Parkiet newspaper. According to the policy maker, further rate hikes are costs without benefits.
    • Small rate hikes have no impact on inflation expectations, while significant increases would push the economy into recession and boost unemployment. (BBG)
  • Further comments from NBP officials continues the ongoing fierce debate among the central bank board. Just last week Dabrowski said “We are seeing an attempt to transfer a political dispute to the Monetary Policy Council, which is very bad from the perspective of communication and the stability of the system.”
  • On EU funds - Poland will likely motion the EU for payments from recovery fund KPO but no payment will be made unless Poland meets milestones tied to the judiciary system, daily DGP writes, citing European Commission spokesperson Veerle Nuyts. Even in the unlikely case the Commission judges that judiciary milestones are met, Poland is actually trailing behind in meeting other milestones as well, the daily remarks.
  • Separately, oil flows via the northern leg of the Druzhba pipeline resumed in full on Saturday after an accident earlier in the week, according to Poland’s pipeline operator PERN.
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