Governor of NBP and the President of the Republic of Poland contribute to the next stage of the “Telling the world about Poland” project

“Macroeconomic stability and a large portfolio of reserves have proven priceless, as barely two years after the outbreak of the pandemic we had to face yet another crisis – this time a geopolitical one. On 24 February 2022, Russia invaded Ukraine, causing a humanitarian and political-economic catastrophe whose full scale is yet to be known. The mass exodus of civilians, supply chain disruptions, the energy and food crunch as well as heightened volatility in financial markets and a surge in risk aversion are just a few phenomena we will have to face. (…)

The policy of successively accumulating reserve assets allowed NBP to hold – at the onset of the crisis – an adequate level of the reserves and a proper set of tools to counteract the negative trends in the financial and FX markets. (…). NBP’s ample reserves also allowed it to provide the National Bank of Ukraine with a USD/UAH currency swap line in the amount of up to USD 1 billion. Availability of these funds will reduce the risk of a further political and economic destabilization of Ukraine, averting a potential threat to Poland’s financial stability,” wrote Prof. Glapiński.

“Helping Ukraine is first of all a moral obligation, but also a commitment that we would not be able to meet were it not for the solid foundation of Poland’s economy and the strong financial position of the central bank, for which we have worked diligently over the past years. This hard work and prudence have made it possible for us to bear the costs related to the warfare on the other side of our eastern border. Poland is a strong state and NBP is a strong central bank,” reads the article.

The time from 29 April to 3 May will be a particularly event-intense period for the “Telling the world about Poland” project. Within the framework of this project the French daily L’Opinion published Prof. Adam Glapiński’s article on macroeconomic stability during crisis. Governor of NBP writes about the challenges facing NBP and other central banks in these difficult times.

L’Opinion is one of the most influential newspapers in France and the main partner of The Wall Street Journal in Europe.

The article by Prof. Adam Glapiński will appear in 60 media outlets all over the world as part of the “Telling the world about Poland” project, besides texts authored by Mr Andrzej Duda, President of the Republic of Poland; Prof. Piotr Gliński, Deputy Prime Minister and Minister of Culture and National Heritage of the Republic of Poland; Mr Karol Nawrocki, President of the Institute of National Remembrance; Prof. Wojciech Roszkowski, eminent historian, recipient of the Order of the White Eagle; Prof. Aleksander Surdej, Polish ambassador to the OECD; and Mr Łukasz Kamiński, former President of the Institute of National Remembrance. The articles can be read at www.WszystkoCoNajwazniejsze.pl

The latest stage of the “Telling the world about Poland” project is carried out by the New Media Institute with the support from the Institute of National Remembrance, Narodowy Bank Polski, the Ministry of Foreign Affairs and the Polish Press Agency.

The full article by Prof. Adam Glapiński, Governor of NBP, is available at https://wszystkoconajwazniejsze.pl/prof-adam-glapinski-si-vis-pacem-para-bellum-3/