Articles in English
Obserwator Finansowy features views and analysis of economy in Poland and other countries, written by some of the best journalists, economists and analysts. Our mission is to share knowledge of economics and financial markets in the world.
Obserwator Finansowy is a project under aegis of the Poland’s central bank, Narodowy Bank Polski. We have published thousands of articles about the Polish and global economy. Our journalists have conducted hundreds of interviews with Nobel laureates, distinguished economists, business leaders and politicians with views across the political spectrum.
In this section you can find selected articles in English.
What causes negative interest rates?
Negative interest rates are not so much the effect of discretionary decisions of central banks but are mainly driven by changes in economic conditions. In the past decades real interest rates worldwide have been...
Is public debt a source of inflation? The data does not confirm it
In conditions of a global recession caused by the coronavirus pandemic, massive fiscal deficits and rising public debt levels have become unavoidable. However, the size of those deficits may prove insufficient – also...
World Bank: The recovery in Central Europe in 2021 will be underpinned by, among others, interest rate policy in Poland
The recovery in Central Europe will be supported by a rebound in global trade and activity in the euro area, and by exceptional policy accommodation throughout 2021, including near-zero policy interest rates in Poland –...
Benefits and risks of central bank digital currency
The concept of a central bank digital currency (CBDC), i.e. publicly available electronic money issued by a central bank, has become a hot topic for economists in recent years.
The banking industry is opening up slowly
The principles of open banking have been in force in the EU for over a year, but the availability of open banking services is still low. However, the philosophy of open banking is being adopted by more and more countries,...
World Bank: NBP’s response – swift, large and effective in limiting the economic scarring effects of the pandemic
The policy response of Narodowy Bank Polski has been swift and large and effective in limiting the economic scarring effects of the pandemic – adequate liquidity provision remains critical in the short-term. The...
Historically pandemics had a positive impact on GDP per capita
For a sample of 33 countries with data stretching back to the 13th century, a pandemic killing 1% of the population raises GDP per capita by 0.3% after almost 20 years.
Ukraine: living on borrowed money
Next year Ukraine will have to incur a huge debt in order to make ends meet. However, there are fewer and fewer creditors willing to provide it with the necessary financing. In the draft budget for 2021 the Ukrainian...
The market is ruled by narratives
The markets are efficient over the long term, and because of that the stock market can serve as a barometer of the situation in the economy – provided that it accurately reflects its structure. However, sometimes the...
Interview with the President of NBP summing up the year 2020 for Obserwator Finansowy
Since mid-December 2020, the NBP Management Board has been purchasing foreign currencies on the FX market in order to strengthen the impact of NBP’s monetary policy easing on the economy, said the President of NBP, Prof....