The National Bank of Romania, a long-standing tradition
The first board meeting of the National Bank of Romania was held on September 5th 1880. 130 years on, its current governor Mugur Isarescu delivered a speech on the history of the institution.
08 Septembrie 2010, 13:16
Mugur Isarescu is the longest-serving governor of a central bank in the world.
In the speech he gave on the Romanian National Bank’s 130th anniversary, he emphasized that the institution he leads is solid, stable, credible and dynamic and has helped the country overcome tough times.
Isarescu recalled that the National Bank funded the expenses incurred by World War I and had an important role in the country’s economic recovery between the two world wars.
He added that, in the last 20 years, the bank has used its know-how and experience but has also benefited from the support of other central banks and international financial institutions during the reform process.
The National Bank of Romania is the 16th central bank to be founded in the world and today a member of the European central bank system, undergoing a committed process to adopt the Euro.
Governor Mugur Isarescu said that, looking to the future and back on its 130 years of activity, the bank remains firmly committed to ensure price stability and financial stability in Romania.
“Our efforts”, said Isarescu, “will focus on working, along with the Romanian government, to promote healthy, stability-oriented policies, in order for us to overcome current difficulties".
President Traian Basescu also praised the National Bank, which he views as the state’s most prestigious institution, one that has helped fight the difficulties faced by society over the last two decades.
Traian Basescu sad “Today, just like many other times, the National Bank has been called on to compensate for the lack of coherence of political decisions. We are struggling to help the economy recover and re-establish macro-economic balances, and the National Bank of Romania is one of the pillars of this process".
Jean-Claude Trichet, the head of the European Central Bank, also attended the ceremony dedicated to the 130th anniversary of the Romanian National Bank.
He congratulated the bank management on its monetary policy in very hard circumstances and voiced his support for the Romanian government in its application of the courageous decisions concerning financial and economic policies.
Trichet said that it is essential for Romania and other economies to press ahead with the reform process and lay the grounds for macro-economic development that is essential in the medium-run and can include fiscal policy.
