Monetary Policy Council and central bank's new euro-roles clarified

NBP president Leszek Balcerowicz gave his assurance on Friday that the major task of the central bank and Monetary Policy Council (RPP) will be to mainta in and gradually reduce the current level of inflation. Ernst Weltke, Bundes bank president and a member of the European Central Bank's policy-making cou ncil, who has visited Poland, said central bank independence would be a key criterion when reviewing the fitness of candidates to join the EU. He also e mphasized that according to EU standards the main task of the central bank i s to ensure stable prices. The Democratic Left Alliance (SLD) is considering introducing further amendments to the PSL-UP bill on the NBP, according to w hich the inflation target would be set by the government and not by NBP as i s now the case. Dariusz Rosati, a member of the RPP, has disapproved of the plan. (Prawo i Gospodarka, May 26-27, pp. 1, 7; Reuters) K.S.