Another path would involve holding conditions relatively flat at about current levels until the latter part of 1998 before beginning a somewhat gentler tightening beyond that date. Inevitably, there is rather more art than science in selecting the best of these alternatives.
Over the past 20 years Polish GDP per capita more than tripled. In recent years Poland has also made progress on the structural side, for instance, by improving labour market flexibility and by limiting the very costly early retirement schemes that were in place.