Insults on Tape Destroy Belka Influence on Polish Rates

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Five months after being caught on tape insulting Poland’s rate-setting Monetary Policy Council, central bank Governor Marek Belka has lost his ability to influence the panel.

The 10-member body has been destabilized by the recordings, and Belka, who has more than 1 1/2 years left in his term, can no longer sway policy discussions, according to three people with knowledge of the meetings. Jerzy Hausner, who was the target of personal slurs, won’t even look at the governor, said one of the people, who along with the other two asked not to be identified because the deliberations are confidential.

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