Destabilization pact

Poland's ruling party, Law and Justice (PiS), signed its so-called stabilization pact with two fringe parties - the nationalist-right League of Polish Families (LPR) and far-left Self-defense (SO) in an attempt to avoid snap elections. However, enraged journalists from other media outlets boycotted a second press conference after controversial TV Trwam, Radio Maryja and the nationalist paper Nasz Dziennik were the only media allowed to cover the signing ceremony.

"I don't remember anything like that happening since the end of censorship in Poland and the launch of free media. If that is the Fourth Republic, then it doesn't bode well for the future," commented the editor-in-chief of daily Rzeczpospolita, Grzegorz Gauden. Przemysław Gosiewski, the leader of PiS' parliamentary club, said that the incident was blown out of proportion by the journalists.

The pact will be valid for 12 months, and stipulates that LPR and SO will back the most important bills proposed by PiS and refrain from criticizing Ministers, in return for which Jarosław Kaczyński's party will support their projects to boost social spending and make the central bank responsible for economic growth.

The signatories of the stabilization pact agreed they would try to introduce a law establishing one financial market superviser, which would take over the responsibilities of the current Polish Securities and Exchange Commission, Insurance and Pension Funds Supervisory Commission, and the Commission for Banking Supervision. The new Office of Financial Supervision is most probably likely to be headed by the current Deputy Finance Minister, Cezary Mech. (Reuters)