A group of MPs has filed a motion with the Polish lower house of parliament (Sejm), seeking to bring the head of Poland’s central bank before the State Tribunal. They allege that he violated both the law and the Polish Constitution.
The motion against Adam Glapiński will now proceed to the Constitutional Accountability Committee, which will submit a report on its work to the Sejm, together with a motion to bring him before the State Tribunal or to discontinue the proceedings.
The State Tribunal deals with cases involving people holding high public office.
Glapiński has been a target of Poland’s new government for some time. It has been alleged that during the years of the Law and Justice (PiS) government, which came to an end in December, he used his power and influence to support the party rather than the Polish economy.
The government has claimed Glapiński cut interest rates ahead of last October’s general election, despite inflation remaining high, to give PiS a boost in the polls.
According to the motion, among Glapiński’s alleged breaches are that in December 2020 and March 2022, the central bank undertook currency interventions without due authorization from the bank’s board, and at least some of them were aimed at weakening the value of the Polish currency.
The authors of the motion also point to “actions contrary to the established monetary policy guidelines” which were undertaken in 2021 and 2023, in particular by “conducting asset purchases in 2021 during rising inflation and in 2023 by lowering the NBP interest rates, an act directly related to the election campaign, thus leading to a weakening of the value of the Polish currency.”
In defense of Glapiński
The Polish opposition is adamant that Glapiński is innocent of the accusations and even commends the bank governor for the decisions he made at the time inflation in Poland ran rampant.
According to Polish President Andrzej Duda, inflation in Poland has been “suppressed to a great extent... thanks to the wise, reasonable policy implemented by... Glapiński and the Monetary Policy Council, the bank's rate-setting body.”
He also warned of a possible backlash if someone tries to remove the head of the central bank in this way.
The State Tribunal deals with cases involving people holding high public office.
Glapiński has been a target of Poland’s new government for some time. It has been alleged that during the years of the Law and Justice (PiS) government, which came to an end in December, he used his power and influence to support the party rather than the Polish economy.
The government has claimed Glapiński cut interest rates ahead of last October’s general election, despite inflation remaining high, to give PiS a boost in the polls.
According to the motion, among Glapiński’s alleged breaches are that in December 2020 and March 2022, the central bank undertook currency interventions without due authorization from the bank’s board, and at least some of them were aimed at weakening the value of the Polish currency.
The authors of the motion also point to “actions contrary to the established monetary policy guidelines” which were undertaken in 2021 and 2023, in particular by “conducting asset purchases in 2021 during rising inflation and in 2023 by lowering the NBP interest rates, an act directly related to the election campaign, thus leading to a weakening of the value of the Polish currency.”
In defense of Glapiński
The Polish opposition is adamant that Glapiński is innocent of the accusations and even commends the bank governor for the decisions he made at the time inflation in Poland ran rampant.
According to Polish President Andrzej Duda, inflation in Poland has been “suppressed to a great extent... thanks to the wise, reasonable policy implemented by... Glapiński and the Monetary Policy Council, the bank's rate-setting body.”
He also warned of a possible backlash if someone tries to remove the head of the central bank in this way.
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