Government advertising campaigns tend to put people to sleep, but a startling exception is the ongoing campaign to boost investment in eastern Poland, with US economics commentator Matt Yglesias calling it the “The Greatest Economic Development Poster of All Time.”
“The new inflation projection shows that there is room for a safe decrease in interest rates, and so the Monetary Policy Council made a fairly radical cut. The Council had been moderate in its responses to the increase in inflation, whose sources were external. Inflation targeting strategy is about responding flexibly, not frantically,” said Professor Marek Belka, President of the NBP, in an interview for Financial Observer.
Anti-crisis regulations of the banking sector have a dark side. Bankers claim they can slow down growth due to reduced lending as well as force banks to transfer business from one country to another. And what will Poland do with regard to the proposed solutions? 'It will act in a cautious manner', said Marek Belka, governor of the National Bank of Poland at the Banking Forum.
Nicholas Spiro of Spiro Sovereign Strategy weighs his words carefully when asked for his assessment of the current bull market for Polish bonds. He steers clear of the word “bubble” but then settles on a less scary term “frothy”.
During the depths of the eurozone crisis just a few months ago, anyone suggesting that Poland ought to seriously start considering joining the euro would have been a candidate for a mental health check-up. But that is exactly what is happening, as Premier Donald Tusk and President Bronisław Komorowski kick off discussions on Poland's path to the common currency.
We have a huge layer cake from Brussels – more than PLN 300 billion. There are reasons for joy of successful negotiations. Yet, the rhetoric of the success of the battle for each euro cent should fast give way to reflections on how the funds will be used. Experts remind us that the growth of productivity in the economy is already zero, and EU funds are in fact social and not development expenditure.
In the latest World Bank’s Doing Business 2013 ranking, Poland came 55 among 185 countries ranked. A way behind, but we moved up the fastest among all countries – 7 spots, which was thanks to the work of the Ministry of Justice. In many other areas, we are still a way behind, among the 200ths.
The discussion titled: “Poland’s competitiveness and economic growth” has launched a cycle of debates on opportunities and threats stemming from Poland’s entering the euro area, organized by the President of the Republic of Poland. The participants , who include officials responsible for the Polish economy in the former governments, have commonly indicated the same areas requiring urgent reforms: education, industrial policy, transport infrastructure, small enterprises sector, system of justice, cooperation between the state and the market. Below there are the most interesting opinions presented at the meeting.
The easing of the crisis suffered by the euro area for a few years reactivated the topic of our presence there. The awareness that without the euro adoption Poland would remain an insignificant EU player is increasing. The first dates of Poland's accession to the euro area are popping up, but these do not take into account the conditions we would have to meet to think about it at all. And before Poland’s EU accession becomes a fact, there are numerous preparations that are necessary.