Financiarul

The strategic objective of the National Bank of Romania’s (BNR) new Board of Directors will be the euro adoption, somewhere around 2014-2015, BNR governor Mugur Isarescu said in the Parliament, on Thursday. “It happens that the objective tallies with a fresh term-in-office. I think this mandate is feasible and can act as the catalyst that may give coherence to the macroeconomic policies,” said Isarescu.

The BNR head stressed that the list of the newly elect central bank directors, which the specialised committees presented, benefits from a trump card, namely, there is a majority that ensures continuity. “This majority, which the newcomers get added to, will have to ensure the financial stability, the price stability, the stability of the national currency, of the credits, and the money circulation.

This is a sort of allegiance I pledge before the Parliament,” Isarescu specified. In his opinion, although, from many viewpoints, the new Board is experiencing harder times, because it starts its activity in a difficult period of economic downturn, it will fulfill its tasks.

Isarescu praised the former BNR Board saying that through cohesion, professionalism and balance it succeeded to fulfill part of the important objectives related to Romania”s EU joining, such as the capital account liberalization, during a time full of temptations, traps, a delusive period.

The Parliament”s committees on budget-finances approved, on Tuesday, BNR”s fresh Board of Directors, where, except the governor post, which Mugur Isarescu was unanimously voted for, the Social Democratic Party (PSD) got three posts, the Democratic Liberal Party (PD-L) and the National Liberal Party (PNL) got two posts each, and the Hungarian Democratic Union of Romania (UDMR) one post.

Florin Georgescu, proposed by PSD, was elected BNR”s first vice-governor, Cristian Popa, proposed by PD-L, and Bogdan Olteanu, proposed by de PNL, became vice-governors, while Nicolae Danila and Dinu Marin (proposed by PSD), Napoleon Pop (PNL), Virgiliu Stoenescu (PD-L) and Agnes Nagy (UDMR) were voted members of the BNR Board of Directors.

Mugur Isarescu and Cristian Popa were unanimously voted for and Lucian Croitoru, Daniel Daianu and Silviu Cerna failed earning the number of votes required to join BNR”s new Board of Directors, said the chairman of the Committee on Budget and Finances in the Deputies” Chamber, Viorel Serban. The incumbent BNR Board”s term-in-office runs out on Oct 10.