Prof. Adam Glapiński, chairman of the Monetary Policy Council and head of the National Bank of Poland, explains the Monetary Policy Council’s decision regarding interest rates every month. President of the National Bank of Poland on Thursday (October 5) he made his last appearance before the parliamentary elections. It was an exceptionally long conference, lasting approximately 2 hours.
And inflation is artificially low, among others. by Orlen controlling fuel prices (the company denies this), or freezing energy prices, VAT, etc. Prof. Before moving on to the decision on rates, Glapiński spent 30 minutes accusing critics of the MPC’s actions – in short – of lies and manipulation (for the needs of the opposition before the elections).
The head of the NBP scolded economists for claiming that the inflation reported by the Central Statistical Office is “artificial” (due to central price control) and, moreover, that fuel prices have literally zero impact on the reading.
The rest of the article is below the video
See also: “Breaking the rules takes revenge.” The expert says what will happen to fuel prices after the elections
Is the head of the National Bank of Poland following the path of Turkey and Hungary?
As we wrote in money.pl, prof.’s tirade Glapiński’s statement immediately sparked outrage among economists on social media. In the evening, on TVN24, the conference of the head of the NBP was commented on by Dr. Sławomir Dudek, president of the Institute of Public Finance, who, like the chairman of the Monetary Policy Council, lectures at the Warsaw School of Economics.
The economist accused several lies of Prof. Glapiński. However, he started by saying that the head of the local central bank spoke in a similar tone before the elections in Turkey. He also accused economists and journalists of manipulation dictated by foreign countries because they criticized cutting rates despite high inflation..
It ended, as Dr. Dudek recalled, after Recep Erdogan remained in power interest rates were raised dramatically. The economist also recalled that before the elections in Hungary, fuel prices were also frozen, artificially lowering inflation, and after Victor Orban’s victory, prices at gas stations increased by 30%.
Prof. Glapiński has his own, Dr. Dudek has his
– We do not dispute that the Central Statistical Office calculates inflation incorrectly – said Dr. Dudek. Following the rhetoric of the head of the NBP, in the context of the “artificial” level of prices, he added:
Our economy is suffering from inflation fever, it has some kind of inflammation. The patient received painkillers and steroids, but he was not treated and surgery was needed. Now they put the patient in a bathtub with ice because he has a high fever and they are measuring his temperature – said Dr. Dudek.
The criticism of the head of the NBP did not end there. – President Glapiński lied because he said that the situation on the fuel market has zero contribution to the reduction in inflation that we are observing – said Dr. Dudek. The economist explained on TVN24 that only the so-called the Orlen miracle subtracted 1-2 percentage points from inflation. But to see this, it would be necessary to calculate the inflation level at “market prices of fuels”.
– President Glapiński did not do this – said the president of the Institute of Public Finance.
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2023-10-05 19:15:10
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