The head of Poland’s central bank has been charged with violating constitutional rules in implementing a bond-buying programme and misleading the finance ministry, according to a motion to prosecute him in a state court.
Donald Tusk’s new government coalition has launched sweeping reforms of state media and the judiciary, which it says were hijacked by the previous government.
Deputy Prime Minister Krzysztof Gawkowski said the coalition had collected the 115 signatures needed to submit a 68-page petition to the speaker of parliament to oust National Bank of Poland (NBP) governor Adam Glapinski, who denies wrongdoing. Gawkowski told TVP Info television on Thursday:
These are very strong allegations, these are allegations that, in my opinion, give me full right to say that there will be a state tribunal.
A parliamentary committee will review the motion before bringing it to a vote of the full chamber.
If the tribunal finds him guilty, Glapinski, whose term expires in 2028, could lose his job and possibly be barred from running for or holding leadership positions.
However, launching legal proceedings against him could be risky. Christine Lagarde, head of the European Central Bank, told Glapinski in a letter that he could appeal to the EU’s highest court because it could affect the independence of the NBP.
The eight charges in the petition include lack of independence from the previous government, violating constitutional rules that prevented the central bank from financing government loans when it launched a quantitative easing programme during the COVID pandemic, and misleading the finance ministry about the bank’s financial performance.
They also include allegations that Glapinski intervened in foreign exchange without proper authorisation and cut interest rates despite high inflation for political reasons.
Markets have so far brushed aside any concerns about the process and the zloty has held onto the roughly 5 per cent gains against the euro achieved since October’s general election, amid expectations that Glapinski’s departure will not change the central bank’s cautious policy.
