Narodowy Bank Polski in times of the post-pandemic economic megashocks and the energy crisis – a success story

Prof. dr hab. Adam Glapiński: “In the throes of a polycrisis – involving the pandemic crisis, the postpandemic crisis and the energy crisis resulting from the war in Ukraine – the monetary policy of Narodowy Bank Polski faced particularly tough challenges. For a number of years NBP had been preparing – analytically, operationally and legally – for a potential financial and banking crisis on a global or European scale, similar to that of 2008-2009. Yet, to the complete surprise of the whole world, the crises that followed were of a totally different character and nature. Many countries and central banks faced the threat of a true economic and social catastrophe. The danger of a massive economic collapse, a wave of bankruptcies and mass unemployment followed by soaring inflation – first post-pandemic and then triggered by Russia’s invasion of Ukraine – was a tremendous and unprecedented challenge for the economies of Western democracies, and the greatest since World War II.

With hindsight, I can note with great satisfaction that Narodowy Bank Polski along with all its bodies and staff rose to the occasion in these difficult times (…)”.

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