Professor Leszek Balcerowicz has given an extended interview to the RMF radio station in which he made strong criticisms of both the leading political parties and the current head of Poland's central bank, Adam Glapiński.
Professor Balcerowicz began the interview by stating that in Poland's current economic situation - approximately zero growth forecast for this year - pre-election "pork barrel" politics to win voter sympathy is irresponsible. He argued that increased spending will not lead to an increase in growth but to a further increase in inflation.
Asked why Polish voters should not believe in these pre-election promises, Balcerowicz replied, "Because we have already experienced the results of this in 1989. Then there were not only promises but considerable spending and this led to hyperinflation."
Balcerowicz said that Poland's current high inflation was ultimately, however, the personal responsibility of Adam Glapiński, the head of Poland's central bank (NBP) - for allowing there to be too much money in the economy by waiting too long before raising interest rates.
Source: RMF FM
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