President signs law on establishing the Polish Economic Institute

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President Andrzej Duda has signed a law on establishing the Polish Economic Institute, which will replace the Institute for Market, Consumption and Business Cycle Research – National Research Institute. The law will enter force 14 days after it is published.

The Institute will be overseen by the prime minister. Its tasks will include providing analysis and expertise for implementing the Strategy for Responsible Development and popularising Polish economic and social research in the country and abroad.

The Institute’s tasks will also include:

  • cooperating with Polish and foreign institutions, academic centres and people, and promoting Polish analytical thought abroad;
  • cooperating with academic and scientific units, including foreign ones, in carrying out research in economics and social sciences, based on agreements to raise funds from conducting research, including its commercialization;
  • collecting specialised books and scientific documentation as well as organising training on economics and social sciences;
  • organising seminars and conferences to present the results of research on economics and social sciences;
  • spreading knowledge on the economic situation and development of economic relations and how these are changing.

The Institute will be headed by a board and director, appointed by the prime minister after consulting the minister for the economy and the Institute’s board. The board has seven members appointed by the prime minister, including his representative, a representative of the minister of the economy and five other members appointed for a four-year term.

According to the law, the Institute’s finances will be managed based on an annual grant from the state budget for operating costs, along with:

  1. special-purpose subsidies from the state budget for performing the Institute’s duties and co-funding programmes partially funded using EU funds;
  2. money from EU funds;
  3. revenue from domestic and international research projects and programmes;
  4. income from business operations;
  5. interest on funds in the Institute’s bank accounts, unless separate regulations or agreements that the Institute received funds on the basis of state otherwise;
  6. subscriptions, endowments and donations;
  7. revenue from other sources.
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