ECB rejects Poland's 'SAFE 0%' defence funding plan

The European Central Bank (ECB) issued a formal opinion (CON/2026/23) rejecting the Polish proposal to finance defence spending through the National Bank of Poland’s (NBP) gold reserves. The plan, dubbed “Polish SAFE 0%,” was promoted by President Karol Nawrocki and NBP President Adam Glapiński and would have transferred profits from gold sales to a special defence fund managed by the Bank Gospodarstwa Krajowego.

The ECB concluded that the scheme violates Article 123 of the EU Treaty, which bars central banks from directly financing public expenditures, and described it as an illegal circumvention of the prohibition. The opinion also highlighted that the NBP carries accumulated losses of over 97 billion złoty, further questioning the financial viability of the proposal.