Governor Talks – Navigating Uncertainty: Poland’s Vision for a Stronger More Resilient Europe

Thursday, Apr 24, 2025 | 02:30 PM - 03:00 PM

Location: Cedar Hall HQ1-1-660

OVERVIEW

Europe is confronting a rapidly evolving global landscape. Trade disputes are rising, energy costs are at elevated levels, and national security needs are generating new spending pressures. These new challenges add to long-standing concerns from low productivity growth, skill shortages, and strained public finances. In sum, Europe’s prosperity is at risk. To navigate these difficult times, Europe needs policies that raise its growth potential, while addressing urgent spending in a fiscally responsible way. Poland's Minister of Finance, Andrzej Domanski, will present his perspective on how Europe can address these critical challenges. He will discuss the economic effects on Poland and outline reform priorities that raise growth and productivity over the long-term. As Poland holds the EU presidency, the discussion will also touch on the most pertinent Single Market reforms to achieve a more dynamic and resilient economy. He will also share his views on how to finance the planned increase in defense spending.

REPORT

Key Points:

Navigating uncertainty through growth, open trade, and a deeper single market. Minister Domański emphasized that Europe’s response to rising trade tensions and high uncertainty must focus on maintaining open markets and supporting economic growth. He warned that “uncertainty is like a tax”, eroding investment and confidence without delivering returns. Drawing on Poland’s experience, marked by solid growth driven by domestic demand and integration into global value chains, he stressed the importance of preserving a fair and open trading system. He also underscored the need to deepen the EU single market, including tangible progress on Capital Market Union and fostering a stronger equity culture to mobilize savings and support long-term investment.
Defense spending and European security strategy. Minister Domański underscored that security is a shared European responsibility requiring coordinated action. He highlighted Poland’s leadership, with defense spending set to reach 4.7% of GDP in 2025—the highest among NATO members—and noted that over half of this is allocated to new equipment and modernization. He welcomed the European Commission’s proposed ReArm package and called for greater flexibility in EU fiscal rules, as well as more efficient use of resources to support defense investment. Joint procurement can enhance cost-effectiveness and help build a stronger European defense industry.

Quotes:

"We are witnessing something like European awakening. […] We need to take more responsibility for our own security." Andrzej Domański

"It’s really a shame that the best European companies with great prospects prefer to be listed in the U.S. instead of being listed in Frankfurt, Paris, or even better Warsaw." Andrzej Domański

“GDP growth is not just a byproduct of some clever policies. Without growth, you have no money for green transition, no money for [buying] new tanks or fighter jets, and no money for social programs." Andrzej Domański

Contributor: Aga Urbanowska

SPEAKER

Andrzej Domański
Minister of Finance of Poland

Andrzej Domański was born in 1981 in Kraków. He graduated from the University of Economics in Kraków. He is a member of the Polish Parliament of the 10th term.

Over the years, he has been involved in the Polish capital market as analyst, fund manager, as well as investment director and board member of domestic and international financial institutions.

From 2008 to 2019, he managed equity funds and was also investment director and member of the management board in domestic and international financial institutions.

He worked as analyst and equity portfolio manager at KBC TFI (2008-2010), manager and director of fund management of Noble Funds TFI (2010-2016).

From 2016 to 2019, he was member of the management board of Towarzystwo Funduszy Inwestycyjnych Eques Investment TFI (responsible for the Capital Markets Department, fund management, as well as macroeconomic and equity market analyses).

From 2020 to 2023, advisor to the biotechnology startup Auxilius Pharma. Member of the Supervisory Boards of XTPL (2020-2023), Movie Games (2022) and Auxilius Pharma (Chairman of the Supervisory Board).

He was chief economist of the Civic Institute and co-author of the Civic Platform’s economic programme.

Andrzej Domański is a three-time winner of the "Alfa" award for the best stock market fund manager and the "Złoty Portfel" award of stock market newspaper “Parkiet”. He holds a CFA (Chartered Financial Analyst) certificate.

He was a behavioral finance lecturer at Łazarski University and lectured mitigation and adaptation strategies in the face of the climate crisis at SWPS University in Warsaw.

Privately, he is father and husband. He enjoys jogging and chess in his spare time.

MODERATOR

Alfred Kammer
Director of the European Department, IMF

Alfred Kammer is the Director of the European Department at the International Monetary Fund since August 2020. In this capacity, he oversees the IMF’s work with Europe. Mr. Kammer was previously the Chief of Staff of the Office of the Managing Director, advising the Managing Director on strategic and operational issues and overseeing operations for the senior management team; Deputy Director of the Strategy, Policy and Review Department, overseeing the work on Fund strategy and surveillance policy; Deputy Director of the Middle East and Central Asia Department, overseeing regional economic developments and financial sector issues; Director of the Office of Technical Assistance Management, advising management on technical assistance operations and overseeing fundraising and global partnerships for capacity building; and Advisor to the Deputy Managing Director. Mr. Kammer also served as resident representative of the IMF in Russia. Since joining the IMF, Mr. Kammer worked with countries in Africa, Asia, Europe, and the Middle East, and on a wide range of policy and strategic issues.