Poland: Dispute Between NBP and Finance Ministry

People ♦ Published: July 23, 2013; 22:37 ♦ (Vindobona)

Finance Minister Jacek Rostowski and Governor of Polish National Bank Marek Belka are blaming each other for the poor performance of Poland´s economy.

Poland: Dispute Between NBP and Finance Ministry / Picture: © Vindobona.org

According to Rostowski, NBP´s base rate cuts came too late. NBP has cut the base rate in several steps from 4.75% to 2.50%. Moreover, Poland´s economy would need further base rate cuts, Rostowski points out.

Already at the end of 2011, Poland´s economic growth decelerated. However, NBP even increased the interest rate from 4.50% to 4.75% in May 2012. The first base rate cut…

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NBP National Bank of Poland, Jacek Rostowski, Fiscal Policy, Marek Belka, Monetary Policy, Public Debt, Budget Deficit, Consumption, Investments, Eurozone, Economic Growth
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