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Poland: Bank Chief Says Transition Can Teach More Lessons

Hong Kong, 24 September 1997 (RFE/RL) - The head of Poland's National Bank, Hanna Gronkiewicz-Waltz, says Poland has shown it is possible to change political and economic systems simultaneously and successfully. But she says there have been setbacks and much still needs to be learned about the process.

Speaking to the annual meetings of the IMF and the World Bank in Hong Kong today, Gronkiewicz-Waltz said Poland has learned that nations in transition must deal with problems as they emerge and not let them accumulate to the point of crisis.

But she said some proposed solutions, such as deregulation of financial markets and liberalization of capital flows have a variety of impacts on transition economies, not all of them good. She urged the IMF and the World Bank to deepen their study of the process.

Gronkiewicz-Waltz also praised the bank and fund for taking strong positions against corruption and supporting good governance. She said public confidence in govermment is vital because the transition process is often painful and unpopular and requires full support of the citizens to succeed.