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PM Meets European Commission Chief, Final Nov CPI Reading On Tap

POLAND
  • Prime Minister Donald Tusk is expected to meet with European Commission President Ursula von der Leyen at 08:30GMT/09:30CET to discuss the potential for unfreezing EU recovery and cohesion funds earmarked for Poland. The funds remain suspended due to rule-of-law concerns that emerged under the previous administration. Signals from preliminary talks between the new government and the European Commission have been positive, with new EU Minister Adam Szlapka noting that all of the EUR111bn of frozen funds is on the table in negotiations which have been going on for the past two months.
  • Local media suggest that some heads of security services are reluctant to vacate their posts amid a change of government. According to Onet, head of the Central Anticorruption Bureau reportedly refused to step down, arguing that he sees no reasons to cut his term short. WP reported that the top brass of the State Protection Service are also trying to keep their jobs, with the Presidential Palace expected to play a role in negotiations with the Interior Ministry.
  • NBP Governor Adam Glapinski said during an award ceremony that the central bank holds around PLN140bn of POLGBs and "if the bank was irresponsible, or [had a] Governor who should face the State Tribunal, or be suspended (...), he could for example sell these holdings in the market, which would completely destroy the sector (...). But we obviously don't intend to do anything with them. Let them stay there."
  • Statistics Poland will release final November CPI at 09:00GMT/10:00CET. Flash readings showed that headline inflation slowed to +6.5% Y/Y, which came alongside a sequential print of +0.7% M/M.
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