Poland
Polish central bank shocks market with steep rate cut
Monetary policy committee cuts rates by 50bp but indicates the move brings to an end the cycle of easing started in November last year
Polish paper extolls benefits of probability forecasts
Research finds forecasting technique that seeks to quantify the uncertainty surrounding economists’ predictions has ‘rich interpretation possibilities’
Poland cuts rates again as CEE states fight stagflation
National Bank of Poland cut its benchmark interest rate by 25 basis points for the fourth successive meeting; most central banks hold in face of steady inflation
Inflation uncertainty a ‘substantial’ threat to economic growth, says Polish paper
Research finds high inflation uncertainty can restrain GDP growth; warns the euro area will suffer if expectations are not managed
Polish monetary policy council divided on size of rate cut
National Bank of Poland lowers interest rate for third successive meeting; some council members push for even deeper cuts
Macro-prudential policy can prevent euro area imbalances, says Polish paper
National Bank of Poland study finds macro-prudential instruments can prevent periphery and core imbalances emerging in the euro area, but only if applied regionally
Romanian governor dedicates Polish award to his forerunners
National Bank of Romania’s Mugur Isărescu receives Order of Merit from Poland for his contribution to the countries’ co-operation; reflects on Romania’s war-time assistance
Interest rate cut finally passes in Poland
Polish central bank’s monetary policy council agrees to cut rates by 25 basis points to 4.5%, after proposed cut mentioned in fourth successive meeting
Polish paper says euro would have destabilised economy during crisis
National Bank of Poland research examines how adopting the euro would have changed the impact of the financial crisis; fixed exchange rate would have exposed economy to greater shocks
Poland minutes show further monetary policy division
Polish Monetary Policy Council split on decision to hold interest rate at 4.75%; third successive meeting where interest rate cuts are proposed but rejected
CEE countries in a good position, says Mexican deputy
Manuel Sánchez says Central and Eastern European countries outside the eurozone are in a good situation as they can move towards integration slowly without taking on immediate risks
Poland paper analyses asymmetric policy
National Bank of Poland study reveals asymmetric central bank policy for inflation rates and economic activity; shown to have strong preference for inflation avoidance
Polish paper says PPP model can predict short-term exchange rates
National Bank of Poland study finds real exchange rates can be forecast more accurately with the half-life PPP model, even in the short term
Poland finalises Swiss currency swap agreement to protect banking sector
National Bank of Poland signs 'precautionary' currency swap deal with Swiss National Bank; in place to deal with liquidity pressures surrounding financing in Swiss francs
Czech National Bank paper studies changing inflation dynamics
Working paper examines causes of changing inflation dynamics in central Europe; finds inflation expectations play a 'substantial role' in price stability
IMF paper examines capital flow management
Working paper considers methods of managing large-scale capital flows in Czech Republic, Poland and Romania; argues capital controls should not be used
National Bank of Hungary studies voting by MPC members
Research from the Hungarian central bank finds evidence that preference heterogeneity is random among the members of the policy-setting committees at the central banks of Poland and Hungary
Lithuanian central bank completes euro credit migration to Sepa
Bank of Lithuania says government institutions holding accounts with central bank will now be able to initiate and receive payments in euros through Sepa credit payments scheme
Central bankers gather in Davos for World Economic Forum
Central banking is a hot topic at this year's World Economic Forum; attendees of the event discuss issues in Russia, Poland, China and more
Iceland receives final Nordic cash injection
Central Bank of Iceland receives last tranche of loans from Nordic countries as part of IMF deal to build foreign exchange reserves; agrees to delay loan from Poland
European uncertainty reflected in central bank decisions worldwide
Germany, Austria, India and South Korea lower growth estimates as a slew of countries hold interest rates; world looks on and waits to see if Europe can agree a solution to the sovereign debt crisis
National Bank of Poland paper forecasts inflation using survey data
National Bank of Poland study says consumer sentiment can be effectively eliminated from inflation expectations in survey data
Poland moves to halt zloty decline
National Bank of Poland intervenes in foreign exchange markets for third consecutive week to curb depreciation of zloty; Central Bank of Brazil also acts to smooth flow of real against dollar
Financial stability reports effective communication tool: NBP paper
National Bank of Poland study says central bank communication can reduce market volatility through financial stability reports