Belka calls for RPP's cooperation, Balcerowicz vows not to bow to threats

Future Finance Minister Marek Belka yesterday expressed the hope that the Monetary Policy Council (RPP) would cooperate with the government's program aimed at saving the domestic economy. "We expect there will be a series of rate cuts within the next few months because of falling inflation and economic stagnation," he said. Belka insisted, however, that the incoming Democratic Left Alliance (SLD)-led government would encourage interest rate cuts through sound economic policies, and not by attempts to limit the independence of the National Bank of Poland (NBP). "The only element of coercion will be our economic policies," Belka said. Meanwhile, NBP governor Leszek Balcerowicz stated that in reaching its interest rate decisions, the RPP would take into consideration only its analysis of the economic situation, and not suggestions or threats of any kind. (Rzeczpospolita, p. B5; Reuters) M.K.