Belka

Jerusalem; but on the way occasionally glancing towards the eastward range of mountains, -- the land of Gilead, -- now called Belka and 'Ajloon, lately traversed; and with a feeling unknown since the verses were first echoed in childhood, the words involuntarily issue from the lips:

Byeways in Palestine James Finn

Mr. Belka said Polish government institutions and local investors should be prepared to step in if that happens.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

"I'm not looking for the state to become a shareholder—that's absolutely a last-resort option," Mr. Belka said.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

Mr. Belka said the bank resisted rate-cut calls earlier this year from observers worried about the impact of the euro-zone slowdown.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

Mr. Belka, who has previously served as finance minister and prime minister of Poland, said pushing through wide-ranging structural change is never easy.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

These days, Mr. Belka said, "you have to be ahead of the curve, pre-empt the markets."

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

After the European Central Bank cut rates, Mr. Belka said: We sent a signal.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

Even so, Mr. Belka called on the government to push ahead with a "more transparent and ambitious fiscal policy" to shore up state finances and win investor approval.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

"Two months earlier, even two weeks earlier, a clear program of reforms would have changed the game" in Italy, Mr. Belka said.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011

On interest rates, Mr. Belka said the central bank, which last Wednesday held the benchmark rate steady at 4.5%, has leeway to raise or cut as conditions warrant.

Polish Bank Chief Builds Defenses Gordon Fairclough 2011