Donald Tusk's speech to parliament last Friday in which he outlined his government’s plans for the next four years, was one of the most memorable and significant made by a Polish prime minister in the last two decades. Mr Tusk, often accused of playing it safe politically, announced so many reforms in his hour-long speech that it was hard to keep up.

For example, the retirement age will be leveled out for men and women and raised to 67 (today it is 65 for men and 60 for women); farmers are to be brought into the general social security system, as are members of the clergy; miners’ pension privileges are to be limited; uniformed personnel will have to work for 25 years as opposed to the current 15 before they can retire. Several tax breaks will also be eliminated or reduced.

In short, Mr Tusk has laid out his vision for how Poland can repair its public finances and improve its credibility among investors, in readiness for the difficult times that lay ahead.

Good news for markets

As most economists said after the speech, the markets will be quite satisfied with Mr Tusk’s plans. If he delivers, Poland could see its credit rating hiked by one or more of the major ratings agencies and if Poland wants to remain a leader in European economic growth, then the confidence of investors in the nation’s public finances is a necessity.

The PM’s speech was also very politically savvy as he made several references to “social justice,” articulating the case for the cost of the crisis to be borne by all social groups (read: including farmers, priests and the rich, groups which all currently enjoy special privileges) and not just by a few or by the poor.

Smart timing

There will be no domestic elections for the next four years and the PO-led government has given Poles plenty of time to forget the anger many of them are likely to feel as a result of the planned changes.

The reforms the PM has proposed will no doubt be opposed by many special-interest groups, who will likely try to block at least some of them. Let’s see if Mr Tusk will have the determination to stay the course and make sure these necessary steps are implemented.

 

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