NPB president Gronkiewicz-Waltz named vice president of London EBRD

Polish Central Bank president Hanna Gronkiewicz-Waltz has been named a vice president of the European Bank for Reconstruction and Development (EBRD) in London. "Ms. Gronkiewicz-Waltz is one of the most respected central bankers in the world...strong, smart, and credible," said EBRD president Jean Lemierre in a statement." President of the National Bank of Poland for eight years, she held fast against inflation and sought to keep interest rates down. During her tenure, the zloty was redenominated and began floating freely this year on world markets. A source close to the selection process claimed Gronkiewicz-Waltz delayed announcing her departure prior to Poland's recent Presidential elections in order to minimize instability, but according to analysts her departure could weaken the zloty if government spending plans next year fall prey to political considerations prior to the parliamentary elections. "She is leaving a sinking ship," commented one London analyst. "Ithink it will cause a lot of uncertainty. I would not be surprised if you see a big sell-off in the zloty on Monday." With no obvious replacement, Gonkiewicz-Waltz's departure could likely heaten Poland's national political debate, since ex-communist President Aleksander Kwasniewski must propose a new central bank president acceptable to the rightist-dominated parliament. (Reuters)