Rebuilding the Financial System in Central and Eastern Europe, 1918–1994 by Philip L. Cottrell

Author:Philip L. Cottrell [Cottrell, Philip L.]
Language: eng
Format: epub
ISBN: 9781351906227
Barnesnoble:
Publisher: Taylor & Francis
Published: 2017-03-02T00:00:00+00:00

With the unfolding of events, it proved that there was no need to wait upon the expiry of the stabilization plan’s timetable in order to increase the state’s influence over the Bank. A possibility occurred as early as April 1929, with Karpinski’s departure, followed by the completion of Deputy President Mlynarski’s tenure. This gave the government the possibility of filling these two key posts with rather different personalities. The new President was Wladyslaw Wróblewski, previously Polish ambassador in London and Washington and who had no prior banking experience. According to widespread opinion, Wróblewski ‘did not present any independent views on essential matters of the Bank, but became rather an executor of the wishes of the government and the Minister of Finance’.19 In autumn 1932 Józef Pilsudski’s brother, Jan, was appointed Deputy President; he was a lawyer and had had no previous involvement with banking. Consequently, the Bank’s new leadership was not fitted to provide competent management, but instead the backgrounds of the President and the Deputy President guaranteed the Bank’s full submission to the guidelines of the Ministry of Finance, which thereby acquired undisputed leadership in the execution of monetary policy. The Bank’s only function in practice was undertaking the government’s policy.

The executor of the new situation was Leon Baranski, the Bank Commissioner, who subsequently in 1932 became the Bank’s deputy managing director and, in 1934, managing director. Furthermore, during the first half of the 1930s the board of directors came to constitute the real management and decision-making centre within the Bank, whereas the Bank’s President and Deputy President were only figureheads.

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