Maintaining interest rate cuts could prove difficult

Janusz Krzyżewski, Monetary Policy Council (RPP) member, stated that maintaining interest rate cuts every month would be very tough despite promising data on industrial output, which grew in May by 1.2% in comparison to April, and by 11.7% in comparison to last year. "Such moves are not possible every month and we have to consider if our intervention is still needed," added Krzyżewski. In his opinion, the RPP must decide on the optimum interest rate level and the means of achieving it, by the end of its term in office. "There is a need to adapt our existing instruments to those of the EU. (...) Each of us has his own opinion about the level of rates, but we will have to agree on it," explained the RPP member. (www.onet.pl; Gazeta Wyborcza, p. 20) M.M.