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NBP's Tyrowicz Sticks To Hawkish Bias, CJEU Verdict On CHF Loans Eyed Thursday

POLAND
  • The Constitutional Tribunal postponed a meeting on the compliance of parts of EU treaties which allow Brussels to impose financial penalties against Poland with the local basic law. The Tribunal delayed the meeting for the eighth time, pushing it back from today to July 20. Its proceedings have been paralysed by a boycott of several judges, which repeatedly prevented the top court from reaching quorum required for cases that must be heard by the full bench. However, an unnamed source from the Tribunal told Onet that Chief Justice Julia Przylebska "did not even try to convene a meeting of the full bench" this time but kicked the can down the road under political pressure.
  • NBP's Joanna Tyrowicz said that the central bank should not become complacent just because CPI inflation eased somewhat and argued that "so far we have very few indications that we have normalised, stabilised price-setting processes." The most hawkish member of the Monetary Policy Council spoke at a seminar organised by SGH university in Warsaw.
  • The planned record-breaking minimum wage hike was the highlight of the assumptions for the 2024 budget unveiled yesterday. Santander wrote this morning that it may prevent wage growth from slowing to single digits, which will be an important inflationary factor next year.
  • All eyes are on the Court of Justice of the European Union's (CJEU) verdict on CHF mortgages, which will be announced tomorrow at 08:30BST/09:30CEST. Almost all economists polled by Rzeczpospolita expect a pro-consumer ruling, albeit they are split on the severity of the verdict for Polish banks.
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