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Tusk Continues To Work On Cabinet Line-Up, Core CPI Due

POLAND
  • The Constitutional Tribunal ruled in favour of people who retired in June 2009-2019 and were negatively affected by a glitch in legislation regulating the indexation of pensions. The estimated cost of verdict will be PLN2.8bn in 2024-2033. Business Insider wrote that the panel of judges working on the case included one judge whose selection is a matter of controversy. However, should the incoming administration refuse to respect the Tribunal's verdict, it would have to bear the political cost of backlash from affected pensioners.
  • Gazeta Wyborcza circulated a tentative list of candidates to take on ministerial portfolios in Donald Tusk's government. The Civic Coalition's economic czar Andrzej Domanski is expected to become Finance Minister, Radoslaw Sikorski could return as Foreign Minister, while Civic Coalition Secretary General Marcin Kierwinski may become Interior Minister. The Left would like to take the Education portfolio, but it is still a subject of negotiations.
  • Onet reported that the Law and Justice (PiS) party is planning to play hardball with the pro-EU coalition, with party leader Jaroslaw Kaczynski seeing the ouster of the incoming government as his final task before retirement. The proposed Cabinet which will be presented by Mateusz Morawiecki in the coming weeks, and which is set to be voted down by the new parliament, may serve as a basis for the future shadow Cabinet, while the former ruling party is set to hold a major conference in December.
  • The NBP will release official core CPI data for October at 13:00GMT/14:00CET after headline CPI was revised a tad higher to +6.6% Y/Y from +6.5%. Consensus sees core inflation at +8.0% Y/Y.
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