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September 24, 2021

Parliament’s Budget Cttees validate Isarescu for National Bank Governor: In my mandate the BNR will fulfil Romania’s Euro Area accession goal

On Tuesday, Parliament’s joint Budget and Finance Committees validated Mugur Isarescu for the office of BNR Governor. The members of the two committees also validated the candidates for seats within the National Bank of Romania’s Board of Directors.

Mugur Isarescu was validated as BNR Governor and Chairman of the Board of Directors, being the only candidate for these offices. The vote was unanimous.

Florin Georgescu was validated for another stint as BNR First Deputy Governor and Deputy Chairman of the Board of Directors.

Likewise, the Budget and Finance Committees validated Leonardo Badea and Eugen Nicolaescu for the offices of member of the Board of Directors and BNR Deputy Governor.

The Budget and Finance Committees’ report will enter Parliament’s joint plenary meeting on Wednesday.

Mugur Isarescu stated on Tuesday that during this mandate the BNR, in the structure set to be confirmed by Parliament, will attain Romania’s Euro Area accession goal. He pointed out that this requires a lot of preparation, but also convergence.

“We assure you that while we carry out the mandate that the Romanian Parliament will entrust us with, we will fulfil a programme that relies first of all on the enforcement of the law that guides the activity of the Central Bank of Romania, on the fulfilment of the BNR’s mandate, but also on the fulfilment of a goal set as a result of collaboration with the Romanian Government, under ASE, with the agreement of all political parties and with the involvement of trade unions, the programme for Romania’s Euro Area accession. It’s a programme that will essentially change the BNR statute. Until then, I remind you the main objectives of the BNR. First of all, the BNR was a central bank and it remains the bank that issues the national currency – the Leu – until our country adopts the Euro currency,” Mugur Isarescu stated during the parliamentary hearing of the candidates for the office of BNR Governor and offices within the BNR Board of Directors.

Mugur Isarescu added that the Euro Area accession process is a complex process that has many pitfalls.

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