Jacek Jastrzębski drew attention to a large increase in uncertainty in the last year, the causes of which there are many, but in his opinion the change in the US geopolitical strategy, as well as the way it was implemented. – What we experience is not only a temporary disruption. This is a deep change in the way individual countries interact on each other economically, financially and politically – said the chairman of the KNF.
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Geopolitics can affect the financial system
This may have great consequences for capital flows. – It cannot be ruled out that for some countries, destabilizing the financial system may become one of the tools to pursue their geopolitical interests. We must be prepared for the fact that the financial markets will become on the one hand the arena of ruthless rivalry of hostile countries, and on the other – a tool of such competition – said Jastrzębski.
He estimated that we are well prepared for these global challenges. – Our financial market is stable, banks well capitalized, and the capital market has a high development potential. The world sees and appreciates this, as evidenced by the appearance of new strategic investors on the Polish financial market – he said.
– It is time for Poland to translate into the directions of European policies, including those regarding the financial market to a greater extent. The point is that we not only evaluate the policies coming from Brussels, but that we were more and more shaping them – emphasized the chairman of the KNF.
A strong economy and financial market will help Poland's position
– And this EU must respond to this crisis, and this response should come to a large extent from Poland, a country that issues a lot of record in GDP relations on defense and NATO on the eastern flank. We are enjoyed by projects such as the Rearm Europe initiative announced by the EC and the discussed proposal to create a European defense bank. We have experience in the financing of the armed forces. BGK operates the armed forces support fund. Why would the Polish institution not play a key role in managing the arms fund for all of Europe? The PFSA has already declared full support of the government and the market in this area – he added.
– The possibility of implementing our justified ambitions will depend on the strength of our economy, including our financial market. I understand and share the arguments of those who, in current conditions – without denying the advantages of an open economy – see the need for greater state involvement in the economy, also on the financial market. Prime Minister Donald Tusk recently talked about it, Prime Minister Jan Krzysztof Bielecki also talks about it. It is impossible to disagree with this – said Jacek Jastrzębski.
He added that as a result of the global situation today about the active role of the state in the economy, the importance of national interest – both in the economy as a whole and on the financial market – today is more openly than before. – That's good. KNF is and will be a partner in these activities – he noted.
He added that he agreed with the diagnosis of the Minister of Finance that investments are necessary, and the largest ones cannot be implemented without a large and more effective financial market. – Many actions to break this state of affairs are the domain of the government, but I want to assure that the government has, has, and will have a solid and open partner ready for cooperation in the PFSA. Because our statutory mandate also includes activities for the development of the financial system – he emphasized.
The head of the PFSA about the PZU and Pekao reorganization plan
He also referred to plans to rebuild the PZU Capital Group, which were announced on Monday morning. He emphasized that the KNF actively supports and will continue to support the pursuit of the goals that the Minister of Finance was talking about during EKF Andrzej Domański, Minister of State Asset Jakub Jaworowski.
– I am very happy that we are actively involved in consultations on this important project. Our common task is to, of course, respect the roles and responsibilities of individual institutions – to work side by side for the development of our market. And we undertake this task with full conviction. Our current, active involvement in the project creates the opportunity to fully understand all conditions and support project leaders in such conduct so that all assumptions can be implemented – safely, without interference and turbulence – said Jastrzębski.
– I believe that our involvement in a number of pro -development initiatives implemented over the past years and months, now crowned with the role that we can also play thanks to the trust of our partners in connection with the PZU and Pekao group reorganization project, it fully entitles me to such a statement. Acta Non Verba The head of the supervision said.
