5. Distinguished ladies and gentlemen, it became clear that the CBN had to act decisively when it became evident that some of the banks had more deep-rooted problems that were not discernable from the regular reports rendered to the regulatory authorities.
Given the impact of Poland’s dismal pension system on the country’s fiscal accounts, I was thrown back to deal with my unloved special field – pension reform. By including measures such as minimum social welfare provisions in my recommendations, I was able to convince the skeptics in the Polish government.