Wyższa Szkoła Gospodarki
im. Alcide De Gasperi
„Koronaobligacje” and sustainable development
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Akademia Ekonomiczo-Humanistyczna w Warszawie
The period of the pandemic in Poland and in the world created new, sudden challenges for public authorities. At the same time, the public’s attention was paid primarily to health issues and ways of protection against the pandemic. From the very beginning of the pandemic in Poland, i.e. from March 2020. a concept, unknown in Poland, was created to finance the government’s tasks by issuing bonds, the state-owned company PFR S.A. and financing them by the NBP. At the same time, the public space in Poland has been saturated with information that other recognized economies of the world have applied analogous solutions as did Poland. This is a confusion of reality. When treating the subject of this study honestly, it should be emphasized that the basis of the inflation targeting law and the status quo of the Japanese central bank, the ECB and the Fed differ significantly. In each of the above-mentioned areas, there are other external and internal factors shaping the price level. And what is also important, in each of the above-mentioned areas, there is a well-established and continued legal culture of interpretation of system regulations. Poland cannot be compared in any of the above-mentioned areas. In Poland, the crown bonds were financed by the NBP, bypassing the constitutional ban on financing the state budget. At the same time, the actions taken and carried out by the National Bank of Poland regarding “koronaobligacje” reveal that the NBP, departing from its cardinal task, does not see inflationary threats in Poland, which affects the sustainable development and security of the future generation of Poles.
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