BRUSSELS – European Central Bank (ECB) President Christine Lagarde has assured Adam Glapinski, Governor of the National Bank of Poland, of his legal protections amid accusations from Polish opposition figures. The controversy arises as Glapinski faces criticism for allegedly favoring policies of the outgoing Law and Justice (PiS) party, which some argue compromised the inflation fight and violated legal norms.
Polish opposition leader Donald Tusk of the Civic Coalition (KO) has accused Glapinski of constitutional violations, suggesting that his actions warrant a State Tribunal hearing. Education Minister and PiS Member of Parliament Krzysztof Szczucki defended Glapinski, citing a letter from the National Bank of Poland’s board that praised Glapinski’s measures for preventing economic collapse and noted their legality in terms of bond transactions. The International Monetary Fund (IMF) also reportedly praised these measures.
Despite these defenses, Tusk has indicated that a Sejm lower house majority might support a motion for a tribunal, with Sejm Speaker Szymon Holownia considering it a viable option. This motion could lead to legal disputes in the Court of Justice of the European Union due to concerns over its legality and potential impact on Glapinski’s position within both Poland’s central bank and the ECB’s General Council.
Lagarde emphasized that EU laws and ECB statutes protect Glapinski’s autonomy as governor from any unlawful actions by Poland’s new government following Donald Tusk’s post-October election victory. She advised that any illegal prosecution or suspension could be contested at the Court of Justice of the European Union to ensure the safeguarding of national central bank governors’ independence.
The ongoing situation highlights broader concerns regarding economic stability in Poland. The central bank board and Monetary Policy Council have raised alarms about potential threats to stability if proceedings against Glapinski go forward.
Tusk has pledged to maintain the independence of the central bank without jeopardizing Poland’s economic stability, although it remains to be seen how these legal challenges will unfold and what impact they will have on Poland’s financial governance and its relationship with European institutions.
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Source: Investing.com
