BUSINESS

Mugur Isarescu celebrates 60th anniversary

On August 1, the National Bank Governor Mugur Isarescu will celebrate his 60th anniversary. The National Bank Governor was born in 1949 in the city Dragasani, in Valcea County. In 1971, he graduated the Foreign Trade Department of the Economical Studies Academy in Bucharest. After graduating, he worked as a scientific researcher at the Institute of World Economy in Bucharest, for the 19 years that followed. He visited countries with market economies, and attended lectures in the US. In 1989, he achieved the Doctor in Economics’ degree with the work “Exchange Rates Politics.” He overtook the position of National Bank Governor in a difficult moment, in 1990, when Romania’s entire foreign currency reserve had been spent on imports. Since 1993, he became a member of the Club of Rome and was elected President of the Romanian Association of the Club of Rome. In 1999, he was reelected in this position. In 1998, he was elected Deputy Chairman of the Central Bank Governors’ Club of Central Asia, Black Sea Region and Balkan Countries, and in 2002 he became the Chairman of this club. On December 16, 1999, he became Prime-Minister of Romania. His Cabinet elaborated the economical strategy for joining the EU. During his period as Premier, the National Bank was led by the Prime Vice-Governor Emil Iota Ghizari. He ran for President as an independent at the elections of 2000, supported by CDR 2000.


On July 1, 2005 he introduced the RON after the liberalization of the capital account. He was keenly interested in interest rates for bank deposits and bank safety. In 2001, he became a Corresponding Member of the Romanian Academy, and in 2006, he became a Full Member of this prestigious Romanian scientific forum. At the time being, he is the President of the Economics, Sociology and Juridical Sciences Section of the Romanian Academy. Throughout his career, he was granted numerous honourary titles from behalf of several universities.

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