MPC's Tyrowicz Blasts Governor Glapinski, Suggests Rates Remain Too Low

MPC's Joanna Tyrowicz speaks on TOK FM and criticises the conduct of Governor Adam Glapinski. She says that she doesn't have access to MPC minutes and that the minutes are "freely" edited by the Governor and as a result do not accurately reflect the debate within the MPC.

• She also reiterates that Glapinski blocks members' access to critically important research. She goes on to criticise the Governor for the way in which he presides over MPC meetings, noting that the Council can only work normally when Glapinski leaves the chamber and "he should have never become Governor".
• Tyrowicz says that she doesn't consider the NBP's decision to keep interest rates unchanged to be correct. She cannot comment on the latest MPC meeting, but her view is reflected in her earlier votes in favour of an interest-rate hike.
• The official says that she doesn't consider the NBP's decision to keep interest rates unchanged to be correct. She cannot comment on the latest MPC meeting, but her view is reflected in her earlier votes in favour of an interest-rate hike.
• Tyrowicz says that she has a "feeling bordering with certainty" that if NBP staff extended the forecast horizon to 2026, inflation would not be reaching the target at all. She also argues that uncertainty around fiscal and regulatory policy has not changed from the September meeting.
• Her comments on the Governor's conduct were prompted by a question on the alleged conflict between Glapinski and Board member Pawel Mucha. During yesterday's presser, the Governor insisted that there are no major conflicts in NBP Board or in the Monetary Policy Council.