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    The Case of Narodowy Bank Polski: Upholding the Independence of Poland’s Central Bank

    Narodowy Bank Polski (NBP) faces an unprecedented challenge as the ruling majority seeks to bring its president, Prof. Adam Glapiński, before the State Tribunal. However, this isn’t merely about an individual; it’s about safeguarding the foundation of Poland’s economy.

    Preserving Economic Stability

    During the COVID-19 crisis, NBP, akin to global counterparts like the FED and ECB, engaged in bond purchases totaling around 144 billion PLN. These actions were transparent, conducted through open auctions accessible to all banks.

    Legal and Economic Justification

    NBP’s interventions were not only economically justified but also aligned with legal frameworks. Article 227 of the Constitution grants NBP exclusive rights over monetary policy, shielding it from external interference.

    The Alternative: Economic Catastrophe

    Had NBP refrained from intervention, Poland would have faced dire economic consequences, including a significant GDP contraction, destabilized prices, and financial system crises.

    NBP’s actions were essential for economic resilience. Attempts to undermine its independence jeopardize Poland’s economic stability and national security.

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