Marek Belka Quotes

It’s not about the pace, it’s about the direction we’ve set. The pace is of course a function of many factors, including the magnitude of the supply shock. But what’s probably more important is the probability of the supply shock translating into sustainable embedded inflation.

To the contrary, when you look at projections, both Polish and international, we can expect some slowing down of the rate of growth in the coming year, 2012. But of course these are projections.

We’re in a tightening cycle and the reason is the economy is growing, there’s no expectation that the global economy and the Polish economy as a consequence could slow down dramatically.

Poland is one of the few countries that can afford to conduct a conventional monetary policy and that means we have to act against the buildup of imbalances in the economy.

I still have five years to the end of my term. There are many candidates. There’ll be a problem if it’s supposed to be a European or someone from the emerging countries, the so-called BRICS. This will be decided, but please don’t think Poland has anything to say about it.

Our rate moves will have an impact on the economy in 2013. Whether we raise or lower rates depends on how the economic situation develops.