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August 15, 2022

BNR hosts “Romania and OECD, present and future projections” Conference. PM Grindeanu: Romania is ready to start accession talks with OECD

Romania is ready to start accession talks with the Organisation for Economic Cooperation and Development (OECD) as soon as possible as reconfirmation of the economic growth and development levels reached by it, but in order to do so it needs support from external partners as well, according to Prime Minister Sorin Grindeanu.

“Romania has recorded constant progress that sped up over the past years to assimilate the OECD instruments, while at the same time taking part in the global working structures of the organisation. We are getting actively consulted and we are interested in even closer cooperation with the OECD in many key areas, such as macroeconomic policies, corporate governance, liberalisation of capital flows, migration and many other areas. (…) Romania is ready to start accession talks with the OECD as soon as possible. OECD membership will reconfirm the economic progress and development levels attained by Romania. It will mean a more efficient public administration that is more attuned to the demands of a global world. We strongly believe that this can happen quite soon. We are aware of the process difficulty and we are ready to do our best in the process,” Grindeanu told the beginning of a conference called “Romania and OECD, present and future projections” hosted by the National Bank of Romania (BNR).

He added that in order to achieve the OECD membership objective, Romania will need support from external partners that are OECD member states.

“In order to achieve that, we need more than just the wish of our country; we also need support from our external partners that are OECD member states on which we want to be able to count to achieve our objective. I believe we can fully grasp the wide support from the business community, Parliament, BNR and opinion makers of Romania,” added Grindeanu.

He went on to say that Romania finds itself in a very favourable economic moment witnessing economic growth that the EU statistics office Eurostat puts at 5.6 percent in Q1 2017, seasonally adjusted.

“Romania has the highest economic growth in the European Union. Moreover, its exports are at record levels, which reflects high competitiveness of Romanian products. This March, goods were exported worth 5.6 billion euros, the highest monthly export figures ever in Romania. At the same time, Q1 2017 foreign direct investment totalled 1.075 billion euros, up almost 23 percent from the same period of the year before,” said Grindeanu.

He added that this performance does not mean relaxation, but keeping up the growth rate at a sustainable and responsible level.

“That does not mean that we can relax now, rest on our laurels. On the contrary, we know that we have to keep up the pace and we also know that the growth should be achieved in a solid, sustainable and responsible way. That is why I believe we must conduct vital reforms by assimilating the best existing practices and standards, and as far as they are concerned the OECD is the known leader of global economic governance with which we want to cooperate. We have already taken important steps, and as I was saying, we want the dynamics to continue and amplify,” added Grindeanu.


 BNR’s Isarescu: OECD standards and good practices, important benchmarks to refer to


The standards and good practices established at the level of the Organization for Economic Co-operation and Development (OECD) represented to the National Bank an important benchmark against which the institution has reported and reports on a regular basis, Governor of the National Bank of Romania (BNR) Mugur Isarescu on Thursday told the “Romania and OECD, present and future projections” conference.

“Over time, the standards and good practices established at the OECD level have been the benchmark for us, the National Bank, as a benchmark against which we have been reporting on a permanent basis. Constantly both by providing data and analyzes, as well as through direct participation in the Financial Markets Committee, one of the key financial institutions of the OECD. We have a systematic dialogue with the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Economy, the Presidency and with the other authorities involved at the level of the Inter-ministerial Committee for Coordination of Relations with the OECD,” Isarescu said.

He stated that at the level of the Board of Directors, for several years, the National Bank has been “authorized” to systematically address through its specialized directorates the OECD issues and the relationship Romania has with this club of developed countries.

“In the period 2008 – 2012, we have officially expressed our willingness to participate in committees and working groups specific to the financial and banking field of the OECD, based on the decision of the Board of Directors, we have been systematically involved in formulating comments and proposals on some documents and studies developed by the OECD, and these actions have highlighted the conclusion that the National Bank of Romania could initiate, as a first step, the formalities for the participation in the Financial Markets Committee,” Isarescu said.

He said that in 2012 the BNR stepped up to join the Financial Markets Committee, and in its meeting on 21 January 2013, the Board of Directors approved the intensification of efforts for the status of Financial Market Committee participant. The amount of BNR’s contribution was then adopted. Between 2014 and 2015, the BNR worked with the Competition Council in the same direction for the institution to be able to participate for the first time at the meeting of the Financial Markets Committee between 22 and 23 October 2015. At the same time, the BNR is part of the inter-ministerial committee in Romania, making efforts in the same direction.

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