Central bank awaits decision whether its monetary policy breaches constitution

A constitutional tribunal has postponed a ruling on whether the Monetary Policy Council (RPP) and the National Bank of Poland (NBP) have the right to enact laws regulating commercial banks. A motion has been filed by the Supreme Board of Inspection (NIK), with the backing of the Citizens Rights' Ombudsman, saying NBP does not have the right to enact laws as this is the prerogative of the legislature. Both NBP and RPP say there is legislation in place which allows them to administer monetary policy, and gives them jurisdiction over commercial banks and the right to set guidelines to ensure the smooth running of the country's financial markets. Legal experts are predicting a ruling against NBP, which would then force the Sejm to amend the constitution (Gazeta Wyborcza, 24). S.M.