During a debate titled ‘Capital market and GDP – how to turn GDP growth into the power of the Polish capital market’, Łukasz Hardt, Adviser to the Chair of the KNF, pointed out that the existing model of the development of the Polish economy, based on, among other things, low labour costs and import of capital through direct foreign investments, could work with a relatively small capital market. If the economy is to be more innovative and based more and more on foreign expansion of Polish businesses, and if it is to accumulate pension capital, then increasing the scale of the capital market is indispensable. He has also emphasised that it is necessary to have such regulations, including tax regulations, that would support development of that financial market segment.

During a panel titled ‘Mobilizing capital for investment. The role of banks in financing transformation and long-term development’, Łukasz Hardt has pointed out that the changing needs of the Polish economy require a larger financial system that would be more open to risk, in particular, banks should be more involved in business financing. He has added that in the case of multiannual high-risk projects, e.g. in the area of energy transition, involvement of the state is necessary. As for the low level of investments in the economy, he has indicated that barriers exist mainly on the side of demand for credit, which is relatively low due to the high level of uncertainty. He referred to the issue of legal risk in the financial system and to the fact that such risk limits the potential of the banking sector in credit creation.