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Ruling Party Seeks To Advance Constitutional Tribunal Bill, Next Election Expected On Oct 15

POLAND
  • EUR/PLN failed to penetrate support from PLN4.4784 (May 17 low) yesterday, which defines that level as a notable near-term technical target. The zloty remained one of the best performers in the EMEA region, with Finance Minister Magdalena Rzeczkowska signalling a sense of comfort with its recent appreciation and brushing away speculation that the Ministry was active in the FX market. Santander wrote in a daily note this morning that despite Rzeczkowska's comments, "we cannot rule out FX conversions by [national development bank] BGK."
  • A parliamentary committee gave a nod to a draft bill lowering the quorum in cases that must be heard by the full bench of the Constitutional Tribunal to nine from 11 judges. The bill has been proposed by the ruling coalition to circumvent the boycott of several judges, who are questioning the status of Chief Justice Julia Przylebska and are demanding triggering succession procedures. The next meeting of the Tribunal is scheduled for May 31 and there are two politically important cases on the docket for that day. Judges are expected to discuss a court reform needed to unlock EU funding and a dispute surrounding presidential pardon.
  • The ruling Law and Justice party would like the upcoming parliamentary election to take place on October 15, Onet reports citing its sources in party leadership, Prime Minister's office and the Presidential Palace. The decision about the exact timing of the election formally sits with the President. It has long been speculated that October 15 was the most likely date, as it would give strategic advantages to the incumbent administration (shorter election campaign, mobilisation of conservative electorate due to a religious anniversary).
  • Poland's economic releases move to a lower gear after a mixed slew of macroeconomic data published at the start to the week. On tap today are May consumer confidence and April money supply.
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