A long standing Fed President, William McChesney Martin, kept saying that the central bank is like a good chaperone at a party: one that cares that the guests always have enough punch in their glasses. When the atmosphere gets too hot, the punch bowl must be taken away. If spirits are low and the guests are floating about sluggishly, punch must be topped up.
In his report, World Bank analyst Marcin Piątkowski predicts Poland’s new golden age. Relative to Western European countries, Poland’s GDP is the highest in 500 years. In 10 years, Warsaw is expected to be a better place to live in than London. It will be appreciated by immigrants from the East, whom we should start attracting now.
According to the report on the Financial Knowledge of Poles by the Kronenberg Foundation, people who are deeply interested in economics in Poland are twice outnumbered by geni who qualify to Mensa. It could have been optimistic news if not for the fact that only 2 percent of population can join Mensa. The article has been awarded in the Obserwator Finansowy contest "If it depended on me...".
Poland is once again changing the rules of operation of Special Economic Zones. After the recent proposals of the Ministry of Economy, some experts predict their revival. Especially after Prime Minister Donald Tusk recently declared support for investors. Permanent state aid may be criticised, but it is a path followed by almost all countries.
“If it depended on me, I would draw more attention of decision-makers to the performance of public employment services,” writes Jan Baran, winner of the second edition of the Obserwator Finansowy’s competition. The author proposes a number of solutions that have proved effective in other countries.
Poles have not been hit by ‘seven misfortunes’ because of the global economic crisis. People are becoming more and more affluent and, generally, satisfied. We believe that the unemployment rate in Poland, including the hidden unemployment, is 10.3 per cent - says prof. Janusz Czapiński, the author of “Social Diagnosis".
We are adept at assembling and tightening screws, but by doing so, Poland falls into the trap of low technology and medium income. We need to change our approach to the economy, and then consistently implement a new plan - says Professor Jerzy Hausner, the chief author of the report on the competitiveness of the Polish economy.
Today, at a meeting convened by the Polish President, Professor Jerzy Hausner shall present a report entitled “How to make headway in the world league?” According to its authors, the Polish economy is now at a turning point. We can either change the economy and stimulate its highly innovative sectors, or lose the competitive advantage of our low cost labour, and thus sacrifice the country’s economic growth.
The current decade will not be a golden one for Poland. There is a chance, though, the decade will not be lost. In the coming decade, Poland may grow at an average rate of 3% per year. This is less than in the past 20 years but a slowdown accompanying a growth in the wealth of a country is quite natural.
Macroprudential supervision is the copestone of the global financial safety that has emerged as a lesson learned from the crisis. Institutions responsible for carrying out macroprudential supervision have been established in many countries. Generally, this role is performed by central banks. Poland lags behind but the National Bank of Poland has developed a legislative proposal that would provide grounds for establishing macroprudential supervision in our country, too.