date and location:
21 March 2019
Senatorska 18
00-950 Warszawa

Photo: Pixabay
mBank - CASE Seminars

160th mBank-CASE Seminar: Financing for the Polish economy: Prospects and threats

mBank and CASE – Center for Social and Economic Research
cordially invite you to:

the 160th mBank – CASE Seminar


Financing for the Polish economy: prospects and threats?


Panel presentations:

Andrzej Halesiak – financial markets expert, member of the Association of Polish Economists (TEP)

Stefan Kawalec –president of the advisory firm Capital Strategy

Ernest Pytlarczyk – chief economist at mBank

Mariusz Więckowski - managing partner, Areto


The seminar will take place on March 21, 2019 from 3:00 to 5:00 pm

at mBank S.A. head office, Senatorska 18, room 5.3, 5th floor, Warsaw




About the seminar:

Access to financing and the way available financial resources are used are important factors for development processes. During the seminar we will present the sources of financing for the Polish economy, including how the global financial crisis has affected their structure in recent years. However, the panelists’ remarks and the subsequent discussion will be focused primarily on the future. Seminar participants will consider the role in financing the economy that should be played by banks, the capital market and state-connected development institutions. In this context there arises the question of the conditions (regulatory, tax etc.), to be met so that each of these segments is able to play its role effectively. There will also be a discussion of whether and how the changes currently taking place in the banking sector (consolidation, ownership changes) and on the capital market (actions foreseen in the strategy) will affect their ability to finance the economy. Additionally, the question arises of the opportunities and challenges related to the use of foreign capital.


Language of the seminar: Polish


Andrzej Halesiak is an economist and manager who has been engaged with the banking sector for more than a decade, working on strategic analyses. Earlier he was employed for several years by the consultancy McKinsey & Company, where he handled projects related to attracting foreign investments to CEE, the development of e-business, corporate restructurings and development strategies. Mr. Halesiak began his professional career in public administration (the Financial Policy & Analysis Department in the Finance Ministry), working on projects including preparations for negotiating Poland’s conditions of entry to the EU in the area of Economic and Monetary Union. He’s a member of the Civic Congress Program Council and the TEP, a columnist in the daily Parkiet and the author of a blog about economic issues ( Mr. Halesiak is the author and co-author of many reports and articles, including “What kind of financial system for Poland?”, “25+ From subcontractor to creator, or how to ensure Poland another 25 years of success” and “The Polish economy in the post-crisis world: undoubted successes, but the challenges are growing.”

Stefan Kawalec is president of the advisory firm Capital Strategy. In 1989-1994 he worked in the Finance Ministry as the chief economic adviser to the Deputy Prime Minister and Finance Minister, and later as a Deputy Minister. He co-authored the Balcerowicz Plan (1989-1990) and oversaw the restructuring and privatization of state-owned banks, in particular by preparing and implementing an innovative law on financial restructuring of companies and banks (1991-1994). Mr. Kawalec has served many times as a consultant on economic transformation and financial system reforms in the countries of Central and Eastern Europe. He holds a degree in mathematics from the University of Warsaw. Together with Ernest Pytlarczyk, Mr. Kawalec co-authored the book Paradoks euro. Jak wyjść z pułapki wspólnej waluty? (to be published in English in 2019 as The Economic Consequences of the Euro, and the Safest Escape Plan), Wydawnictwo Poltext, Warsaw 2016. He co-wrote the report Jak mobilizować dodatkowe oszczędności emerytalne? (How to mobilize additional retirement savings), Capital Strategy, Warsaw 2015; the solutions it proposed were later applied in the 2018 law on employee retirement savings. He is the co-author of Raport dotyczący optymalnej struktury polskiego systemu bankowego w średnim okresie (Report on the optimal structure of the Polish banking system over the medium term), Capital Strategy 2012.

Ernest Pytlarczyk is a doctor of economic sciences and a Chartered Financial Analyst. He has worked as a market analyst at Citigroup unit Bank Handlowy, as a researcher at Hamburg University and at the Bundesbank in Frankfurt. He is a manager and strategist who focuses on investment recommendations, macroeconomic forecasts and strategic planning. Mr. Pytlarczyk is one of the highest-ranked analysts on the Polish market, winning recognition from leading business daily Parkiet as the country’s top macroeconomic analyst in 2008 and 2015, and taking second place in the competition in 2007 and 2009. He has written articles on DSGE modeling and Bayesian econometrics, and co-authored the book Paradoks euro. Jak wyjść z pułapki wspólnej waluty? (to be published in English in 2019 as The Economic Consequences of the Euro, and the Safest Escape Plan). Mr. Pytlarczyk is currently the chief economist and director of IR and group strategy at mBank.

Mariusz Więckowski leads the consulting firm Areto, which specializes in questions concerning markets for financial instruments. He advises financial-market entities in areas including regulation, documentation, risk management and operations related to the OTC and regulated markets. In recent years he has participated in advisory projects implementing the requirements of MiFID II/MiFIR and EMIR in many banks, investment companies and funds. Mr. Więckowski takes part in projects led by BTA Consulting Ltd. in Poland (Strategy for Capital Market Development in Poland, 2018; Confirmation of the Warsaw Stock Exchange’s 2018-2022 Strategy, 2018; Warsaw Stock Exchange Comparative Analysis, 2015-2016). He also takes part in working groups for the Polish Bank Association (including EMIR, MiFID II/MiFIR). Mr. Więckowski conducts numerous trainings, both open and in-house, on regulatory issues related to financial instruments. He has 20 years of experience in financial markets, including positions at Bank BPH, where his responsibilities included development of treasury products, and BRE Bank.