As expected Law & Justice candidate Slawomir Skrzypek eventually had no trouble in getting the required absolute majority of votes and will be sworn in as the third NBP president today. In a series of full rounded public statements yesterday Mr. Skrzypek announced that he would reinforce the dovish majority within Polish Monetary Policy Council.
Our view: The nomination of Slawomir Skrzypek should be a non-event for the market - bonds may continue to loose ground today if the regional sentiment stays sour and, more importantly if, as we expect, Trichet indicates a rate hike in February at the ECB press conference.