Poland's President Karol Nawrocki has rapidly accumulated a record number of vetoes, blocking key government legislation on crypto assets, taxation, and healthcare, according to Commerzbank’s Tatha Ghose [1]. In recent days, Nawrocki vetoed three additional government bills, bringing his total to 36 vetoes in just 10 months, surpassing the previous record held by President Aleksander Kwasniewski, who issued 35 vetoes over two five-year terms [1].
The specific bills vetoed include the Crypto-Asset Market Act, which aimed to align Poland with EU-level regulation for the crypto industry, the Tax Ordinance and Fiscal Penal Code Act, and the Publicly Funded Healthcare Services Act [1]. Nawrocki justified his veto of the crypto legislation by alleging that the government's proposals would not effectively regulate the business [1].
Commerzbank’s analysis suggests that Nawrocki is expected to continue obstructing government reforms through vetoes until the general elections scheduled for autumn 2027 [1]. While the ruling KO coalition currently leads in all polls, there remains uncertainty about its ability to retain a majority in the next election, keeping open the possibility of the opposition PiS party returning to power and controlling both the government and the presidency [1].
This persistent political risk is viewed as a negative factor for the Polish Zloty, with Commerzbank highlighting that the ongoing uncertainty and potential for policy gridlock act as a drag on the currency’s valuation [1].
CONCLUSION
President Nawrocki's unprecedented use of veto power has heightened political uncertainty in Poland, raising concerns about policy continuity and reform implementation. According to Commerzbank, this environment is weighing on the Polish Zloty, with ongoing risks expected to persist until at least the 2027 elections.