A late 2025 meeting between Poland’s central bank president and finance minister focused on impending NBP board vacancies that could trigger institutional paralysis.
Private Meeting Between Banking and Finance Chiefs
A late 2025 meeting between Adam Glapiński and Andrzej Domański marked only their second direct conversation since Domański assumed his ministerial role. The Ministry confirmed such meetings occur naturally between institutions responsible for economic stability, though not regularly.
Expiring Terms Threaten Board Composition
Several key NBP board members’ terms are expiring in the coming months. In March 2026, First Deputy President Marta Kightley and Board Member Piotr Pogonowski will complete their terms, followed by Deputy President Adam Lipiński in November 2026. Marta Gajęcka’s mandate expires in January 2027.
Institutional Consequences of Board Vacancies
According to NBP law, the board should have six to eight members. If expiring mandates aren’t extended or successors appointed, the board could fall below the legal minimum, causing serious institutional consequences. Kightley’s position is particularly significant as she acts as president during his absence.
Nomination Process and Political Obstacles
The appointment process requires presidential nomination on the central bank president’s request, but effectiveness requires prime ministerial countersignature. This gives Donald Tusk power to block candidates, as occurred in 2008 with Witold Koziński’s appointment.
Political Tensions and Central Bank Independence
Relations between the government and central bank remain tense since the current coalition took power. In 2024, parliament began proceedings to impeach Glapiński for actions violating the constitutional principle of central bank independence, though the government is reportedly backing away from this approach.
Monetary Policy and Economic Impact
The NBP’s monetary policy in 2025 included 175 basis points in interest rate cuts, significantly reducing public debt servicing costs. Glapiński noted these cuts could save the state budget up to 25 billion złoty over two years by lowering bond issuance costs.
Future Board Composition Depends on Three Key Figures
The final shape of the NBP board will depend on cooperation between Glapiński, Prime Minister Donald Tusk, and President Karol Nawrocki. Each holds real influence on the nomination process, and disagreement among these power centers could lead to prolonged impasse.
