When Prime Minister Donald Tusk addressed parliament last week he was speaking to a much wider audience than just the deputies sitting in front of him and the national public – key recipients of his message were the analysts whose recommendations guide the decisions of both equity and fixed income foreign investors.
One of the reasons that Poland's economy has managed to survive successive waves of the global economic crisis is that it has a shock absorber in the form of its own currency − which is why support for joining the common currency has waned in recent years both in public opinion and among government leaders.
We are reducing the deficit because financial markets are very sensitive to its level, but we are not joining the euro area. Accordingly, we are losing the “umbrella” of the ECB, a chance for the economy to operate in the exchange rate-free environment and reduce borrowing costs for the government sector, business and households. This situation is bizarre — says Rafał Antczak, a Board Member of Deloitte.
The collapse of Amber Gold has generated a number of calls for liquidating parabanks or bringing them, on a mandatory basis, within the scope of oversight. However, identifying financial institutions that are not subject to supervision exercised by the Polish Financial Supervision Authority (KNF) with pyramid schemes is a major simplification.