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October 5, 2022
BUSINESS

Isarescu: Good governance equals discipline, especially fiscal discipline

Economic governance equals strong institutions, adequate policies and regulations, which presupposes discipline, including fiscal discipline, and cultural change, the central bank governor, Mugur Isarescu, told a seminar on economic governance in the EU, taking place at the National Bank of Romania (BNR), Mediafax reports. “The recent international crisis amplified the need for deep reform in the field of economic governance, at European, as well as global, level. As the president of the European Central Bank, Jean-Claude Trichet, argued recently: international interdependencies are too strong for exclusively national or regional regulations to be optimal and there is a striking need for consolidating governance at global level, especially in the financial field,” Isarescu added. In the BNR official’s opinion, stronger economic governance across the EU and the euro zone could be achieved based on five major conditions: fiscal discipline, economic watch, close coordination, a solid legal frame for crisis management, strong institutions and basic rules regulating decision-making.

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