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NBP To Run Monetary Policy in a ‘Responsible Way’

POLAND
  • NBP Glapinski recently mentioned that the central bank will run monetary policy in a ‘responsible way’, balancing between inflation and growth.
  • Policymakers have started to consider growth (again) as part of their equation as the sharp tightening in financial conditions we have seen in the past year has been pricing in a significant deceleration in the economic outlook.
  • Even though consumer confidence ticked higher in July, it is still standing at historical lows and pricing in a plunge in the economic activity.
  • Yesterday, it was reported that Polish Senate will approve Joanna Tyrowicz as member of the MPC (to replace Sura).
  • Joanna Tyrowicz is a labor market economist and has been a critic of current governor Glapinski.
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