The article discusses the findings of an Economic Panel convened by the Polish newspaper Rzeczpospolita, which reached a consensus that the National Bank of Poland (NBP) should not engage in financing defense through the use of its gold reserves. Economists presented various mechanisms that would involve leveraging the increased value of the NBP's gold reserves for this purpose, but ultimately, the Panel expressed strong reservations regarding such operations. They highlighted the importance of maintaining gold reserves for their inherent value rather than using them to support government expenditures.

The debate included arguments against the proposed utilization of gold reserves, with economists emphasizing the risks of volatility and the potential undermining of the bank's primary monetary policy objectives. The Panel contended that diverting public resources, particularly gold reserves, towards defense could threaten financial stability and lessen the NBP's credibility. Therefore, they suggested that the focus should remain on protecting monetary integrity rather than exploring alternative funding avenues through gold.

In contrast to these concerns, the article mentions the benefits of the European SAFE program, designed for defense financing, which was recognized as a more stable and sustainable approach to support defense needs. The economists argued that participating in this program could offer reliable funding without the uncertainties that come from manipulating the NBP's gold reserves, thereby enhancing both national security and economic stability.