Poland’s central bank (NBP) head, Adam Glapinski, has warned the new parliamentary majority against any attempts to oust him, accusing them of “playing with fire” and insisting he is ready for a potential legal battle.
During a news conference on Friday, Glapiński argued that it was wholly irresponsible for politicians to attack their own central bank and that any attack on him threatened to unleash a fall in the value of the Polish currency, as well as a fall in the ratings for Polish debt.
The new parliamentary majority, who on Nov. 10 signed a coalition agreement, had during the election campaign pledged to hold Glapinski accountable for what it described as a failure to combat inflation and for undermining the central bank’s independence.
“Strong international organizations would definitely react,” said Glapiński who threatened to notify the European Central Bank, the World Bank, and the International Monetary Fund.
Glapiński believes that one of the objectives that lies behind the attack on him is the desire to speed up Polish entry into the eurozone that, according to him, should only be considered when Poland reaches parity in terms of GDP per head with Western Europe, which he believes will take 8-10 years.
He feels that since he has repeatedly said that he would not undersign any application for Poland to join the euro during his term of office, the advocates of early Polish entry into the eurozone have decided he should be removed.
Glapiński said that the NBP is “one of the most credible central banks in the world with huge reserves including gold” and that the attack on it was the “attack on the very heart of our financial security.”
The central bank governor, whose second six-year term began in 2022, has also been criticized for a steep interest rate cut in September which blindsided investors and sparked a selloff in the zloty.
According to the constitution, the head of NBP can be suspended in his duties if parliament votes to probe him before a special tribunal for public officials.