New Monetary Council members to have easier job in 2004?

Dariusz Rosati a member of the Monetary Policy Council (RPP) has announced that members who will participate in the new Council will be mainly responsible for maintaining a low level of inflation, and pressure placed on them by the government will be much relaxed. Some members of the current RPP will step down in January and February 2004. According to analysts, the new members, six of whom will be chosen by parliament will be much more willing to cut interest rates with the hope of accellerating economic growth. "I think that the new Council will have a much easier job. The economy is speeding up and inflation is low. The thing is not to spoil the situation," announced Rosati. Current interest rates stand at 5.25%, left unchanged over the last two monthly meetings of the RPP. This year's GDP will exceed 3%, and the government hopes it will amount to 5% in 2004. According to a Finance Ministry prognosis, year-to-year inflation will reach 2% in 2004, compared to 0.7% this year. (www.onet.pl) A.K.