Zakaz monetyzacji długu wynikający z Konstytucji RP i prawa unijnego a polski program luzowania ilościowego
The Prohibition of Monetary Financing in the Constitution of the Republic of Poland and European Union Law: The Case of Poland’s Quantitative Easing Programme

Summary/Abstract: This article examines the compliance of Poland’s Quantitative Easing Programme – implemented by the National Bank of Poland in the years 2020–2021 – with the constitutional (Article 220(2) of the Polish Constitution) and EU (Article 123 TFEU) prohibitions of monetary financing. The analysis draws on the CJEU’s case law (Peter Gauweiler and Others v. Deutscher Bundestag; Heinrich Weiss and Others). It is determined that the actions of the Polish central bank complied with EU law as regards the bank’s Structural Open Market Operations, and it is noted that the Treaty standard should be considered when assessing whether there has been a violation of the Constitution. The findings may be of significance for proceedings concerning the constitutional accountability of the President of the National Bank of Poland.

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