A week ago, Poland’s parliamentary Committee on Constitutional Accountability voted to recommend that central bank governor Adam Glapiński be brought before the State Tribunal, advancing an effort backed by Prime Minister Donald Tusk’s governing coalition to hold him accountable for alleged misconduct during his tenure.
The allegations include misleading the finance ministry about the National Bank of Poland’s 2023 profits and indirectly financing government deficits through bond purchases during the pandemic. Glapiński denies wrongdoing (and FWIW I think he makes a good case).
To the international observer, the saga probably looks like a bitter domestic political dispute of little global consequence. A petty parochial affair.
But investors really should pay attention. The consequences could have graver implications for international monetary stability and the geopolitical order than many appreciate.
