Narodowy Bank Polski

Statement of the President of the NBP

A policy of injecting public money into financial institutions which speculate on shallower markets should be distinctly questioned, especially in the current situation of significant macroeconomic uncertainty and global financial markets volatility. Speculations may further destabilize markets and corroborate financial crisis effects in emerging economies. To state it clearly, taking into account the integration of the world economy, consequences of speculations on emerging markets may sooner or later reversely affect also those countries which fall back to wrong policies. Namely policies that do not reckon actions of beneficiaries of public help.

We raised that issue already at the meeting with representatives of the U.S. Treasury as well as with other partners. As a further step, I shall endeavour to initiate a discussion on this subject within ECB and in the European Commission. Our aim should be to implement measures that would limit incidence of granting public help to financial institutions that speculate on financial markets of the new member states and emerging economies.

I believe that this issue is to be seriously treated especially within the EU. Public liquidity provision to institutions within the EU should be more responsible. Strong ties between old and new member states may exacerbate effects of speculations on markets in new member countries and impair financial stability in whole Europe.

One can also ask whether or not policies which do not distinguish speculator and growth sustaining behaviours stay at odds with the solidarity rule.

Sławomir Skrzypek
President of the National Bank of Poland
March 3rd 2009
Washington D. C.

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