Cue the loyalist
The 42-year-old Skrzypek has most recently been acting head of state-owned bank PKO BP. "I speak for a stable and credible monetary policy," he said in a statement from the president's office after his nomination was confirmed. "If it will not bring with it the risk of higher inflation, I will also take into consideration economic growth," Skrzypek added.
Analysts immediately cast doubt on Skrzypek's qualifications and experience in monetary policy, but he is largely seen as a candidate with strong managerial credentials. "One can assume Skrzypek has experience in management but the question arises whether he has in-depth knowledge of monetary policy and modern macroeconomics," said Jacek Winiewski, chief economist with Raiffeisen Bank in Warsaw.
Skrzypek will replace the outgoing central bank chief, Leszek Balcerowicz, whose six-year term ends on Wednesday. However, before he takes up office, Skrzypek has to win a simple majority in the Sejm. Sejm speaker Marek Jurek said that the vote could take place on the same day Balcerowicz's term expires.
President Kaczyński's ruling Law and Justice (PiS) party have been searching for months for a replacement for Balcerowicz, a free-market advocate who they refused to renominate, attacking him for not doing enough to support growth and allowing too much foreign influence in the banking sector. Despite widespread admiration for Balcerowicz abroad, many Poles blame him for the hardships and unemployment that have accompanied the transition from communism to capitalism.
Skrzypek has already worked under Kaczyński, most recently as his deputy when Kaczyński was Mayor of Warsaw. He is seen as a conservative loyalist, which has raised some doubts about how much he will stand up for the bank's independence in any conflict with the government.
"His close contacts with President Lech Kaczyński and lack of strong opinions may mean that he will oppose rises in interest rates and fast euro adoption," said Ryszard Petru, chief economist with Bank BPH in Warsaw.
"While not the optimal choice, he cannot be described as clearly negative," said Radosław Bodys, regional economist for Merrill Lynch.
Most analysts agreed that Skrzypek's appointment will not have a huge impact on monetary policy. "The monetary policy council is made up of nine economics professors, some of them of great authority. It is hard to imagine that Slawomir Skrzypek would be able to persuade them to do anything," said Witold Orłowski, chief economist with PricewaterhouseCoopers.
"We must never forget the [monetary policy council] is a collective," said Dariusz Filar, a member of the council. "Of course a new person can have a certain effect on the board's internal configuration. But that doesn't mean policy will exclusively depend on the new governor." (Reuters)
