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Poland & Ukraine Hold Summit, NBP's Kotecki Says Price Wars May Limit Impact Of VAT Hike

POLAND
  • Polish and Ukrainian governments are holding a summit in Warsaw today. The meeting comes after EU member states reached compromise agreement to extend tariff-free trade for Ukraine, despite farmers' protests which swept across Europe over the past few months. Bloomberg reported that the deal does not include restrictions on wheat imports, despite demand from countries such as Poland, France and Hungary. However, RMF FM reported that Poland and France managed to force an extension of the reference period for import volumes to 2H2021, when imports from Ukraine were still relatively low. Head of Prime Minister Tusk's Chancellery Jan Grabiec said that we should not expect any breakthrough in today's talks with Ukrainian ministers on agricultural goods trade, because both sides are still "not fully satisfied." However, the Poland-Ukraine summit will have a more comprehensive character, with almost the whole Ukrainian government expected to travel to Warsaw.
  • Business Insider confirmed with the NBP that its Governor Adam Glapinski sent a letter to Prime Minister Donald Tusk after signalling that he would reach out with an olive branch. The NBP did not release the text of the letter.
  • MPC's Ludwik Kotecki said that the "price war" between major retail chains may partially mitigate the impact of the imminent VAT adjustment. He reaffirmed his view that the MPC should stand pat on rates until inflation returns sustainably to the target.
  • Climate and Environment Minister Paulina Hennig-Kloska said that the government will discuss a plan to phase out energy price caps after the Easter holidays. It will include relief measures for low-income households.
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