Dr Andrzej Raczko is Member of the Management Board of the NBP. In 1977, he graduated from the University of Łódź specialising in Econometrics. In 1985, he obtained his Ph.D. in Economics and then worked as an assistant professor at the University of Łódź. He collaborated with academic centres in the United Kingdom, France and Central European countries within the framework of EU research projects. Since the 1990s he has worked in the banking sector, among others in LG Petro Bank SA, where he was CEO. In 1999-2001, working in PKO BP, he was in charge of the mortgage bank project, and in 2003 he was Vice-President of Bank Gospodarki Żywnościowej SA. In 2001-2002, Dr Raczko was undersecretary of state in the Ministry of Finance. His responsibilities covered public debt management, financial negotiations with the European Union and co-operation with international financial institutions. Minister of Finance in the final stage of Poland’s accession to the European Union (2003-2004). After 2004 Dr Raczko served as Alternate Executive Director and subsequently as visiting scholar in the International Monetary Fund. He was also Chief Economist and Director of Research Department in the Polish Financial Supervision Authority.
Taufiq Choudhry is Professor of Finance at the University of Southampton. He specializes in such areas as effects of financial crisis, political crisis and news on the financial risk of investment, effects of finance crisis on the relationship between stock markets, effects of exchange rate volatility on international trade and relationship between prices and exchange rates. Professor Choudhry’s research has been published in such journals as: “Journal of Banking and Finance”, “Journal of International Money and Finance”, “European Journal of Finance”, “Journal of International Financial Markets”, “Institutions and Money”, “International Review of Financial Analysis”, “Journal of Forecasting”, “Emerging Markets Finance and Trade” and “Economic Letters”. He is also Associated Editor of “European Journal of Finance”, “Journal of Islamic Accounting and Business Research” and “Afro Asian Journal of Finance and Accounting” as well as he was Managing Guest Editor at the “Journal of International Money and Finance”. Prof. Choudhry was also Visiting Erskine Fellow at the University of Canterbury in New Zealand.