Large zloty appreciation after the Polish president’s decision on the judiciary.

The decision of President Andrzej Duda to veto the Supreme Court and the National Judicial Council immediately reacted to the markets. Zloty gained the most since May 2017.Β 

At 10 o’clock, when the President’s conference began, for the euro it was necessary to pay 4.25 zlotys, about half an hour later it was 4.23. However, the zloty gained a few cents against the US dollar (jump from 3.66 to 3.63), the Swiss franc (from 3.86 to 3.84) and the British pound (from 4.76 to 4.73).

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Last Friday the zloty recorded the biggest decline since November due to the political crisis surrounding the reform of the judiciary. The subject was hit by the first pages of foreign newspapers and portals, who wrote that the new laws would bury the tripartite power.Β More pictures from tens of thousands of people protesting in more than 100 cities were filmed in Poland. On the other hand, Vice-President of the European Commission Frans Timmermans on Wednesday announced the possibility of initiating proceedings against Poland for breach of EU law.Β 

The case is likely to reach the EU Court of Justice, which could put very high fines on the country. The EC also announced that the situation in Poland brings Brussels closer to launching the procedure from Article 7 of the EU Treaty. It provides the possibility of imposing sanctions on the country, with the suspension of voting rights. Timmermans’s statement triggered the problems of the Polish currency.

Analysts predicted that if the president signed the bill, the protests would only intensify. These anxieties would translate into greater uncertainty in the markets, as well as the weakness of the zloty. Quite a surprising decision about the two vultures had to strengthen the Polish currency. Andrzej Duda also helped the Warsaw Stock Exchange.Β 

The president will indeed sign the law on the system of common courts, which also greatly strengthens the role of the minister of justice at the expense of the judicial circles, but the law on the Supreme Court and the National Judicial Council has caused the greatest controversy.Β Three-fifths of the votes are needed in the Sejm to reject the presidential veto. Law and Justice do not have such a majority. All opposition parties were opposed to statutes.

The president said in a statement that the decision to veto laws on the Supreme Court and the National Judicial Council was a speedy decision, because there was tremendous anxiety and concern among the public.Β However, he noted that in recent years the postulate of reform of the judiciary has repeatedly been repeated. “Justice certainly requires repair in Poland, on many levels: procedural, formal and, unfortunately, ethical,” said Andrzej Duda.

He added that it required the judges to be professional to be ethical and crystal-clear and to remember that they were going to do justice to people. Dude, he said that the judge should see behind the stack the act of a man who stands before the court perhaps for the first time in life and expects justice.

It is very bad when the judge’s representative says that the judges are the most important caste, “he said. – But the change must occur in such a way that there is no separation between society and the state, because this separation occurs when people have a sense of injustice on the part of the judiciary, but also when the state becomes oppressive and they start to fear their state. – President Andrzej Duda said.