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.
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.
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....
Historically high surplus in Poland’s foreign trade
Poland’s foreign trade surplus is strengthening. However, the value of the trade exchange surplus recorded in the second quarter of 2020 is probably a one-off phenomenon, as it was driven by a strong decline in oil prices...
In 2020, we have sought security in cash
The supply of banknotes and coins to the economy is currently continued without any disruption. Everything goes as usual, with no tensions of the kind we were subject to in March and April. We can therefore begin to work on...
President Glapiński: we are starting work on a national cash security strategy
“The measures undertaken by NBP during the pandemic have helped to limit the fall in GDP in Poland this year and will support the recovery in activity in 2021. According to NBP experts the easing of monetary policy will...