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PI Alert
17:55
07.10.2021

Constitutional Tribunal ruled that EU Treaties are unconstitutional

ConTrib was considering the case at the request of Prime Minister Mateusz Morawiecki. In March 2021 the PM asked about the conformity of certain EU Treaty provisions with the Polish Constitution insofar as the former allow Polish judges to disapply provisions of Polish law which are contrary to EU law. Dissenting opinions to the judgement were made by judge Piotr Pszczółkowski and judge Jarosław Wyrembak. The judgment of the Tribunal will have serious consequences: it will undermine Poland’s place in the EU legal order, further delay the approval of Polish Recovery and Resilience Plan and reinforce the claims that the ruling camp wants Poland to leave the EU.

PI Alert
15:35
06.10.2021

RPP rises interest rates

On Wednesday's meeting, the Monetary Policy Council (Rada Polityki Pieniężnej, RPP) decided to raise from 0.1 to 0.5 per cent the reference rate and from 0.5 to 1 per cent the Lombard rate. This is the first interest rate hike in Poland since 2012, and the first rate change in almost a year and a half. The RPP has not published the rationale for its decision yet, but it is probably related to the highest inflation in 20 years (5.8 per cent in September). In reaction to the rate hike, the zloty strengthened, and the banks' share prices rose sharply - this sector earns more on loans if the rates are higher.

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