Mugur Isărescu is re-elected governor of the National Bank of Romania
Mugur Isărescu wins new term as governor of the National Bank of Romania.
Roxana Vasile, 02.10.2024, 14:00
The National Bank of Romania needs continuity of leadership, as well as the transition to a younger generation of specialists, the Bank’s current and future governor Mugur Isărescu told Parliament on Tuesday. Aged 75, he has led the Bank almost uninterruptedly since 1990. He only stepped down for one year, between 22nd December 1998 and 28th December 2000, to serve as prime minister of Romania. After interviews with the specialist committees, Parliament again entrusted him with a new mandate to head the National Bank, making him the longest-serving governor of a central bank in the world. For his new term, Isărescu promised his institution would cut the inflation rate without causing recession and ensure price stability without discouraging long-term economic growth:
“It’s a well-known fact that amid relatively stable prices and a reasonable growth target, in our case 2.5%, give or take 1%, the economy does better. There is a big chance that we may have both macroeconomic stability and sustainable economic growth. Like in the past, we will seek to ensure price stability without disrupting financial stability”.
Leonardo Badea, as first deputy governor, Florin Georgescu and Cosmin Marinescu, as deputy governors and representatives of the Social Democratic Party, the National Liberal Party and the Democratic Union of Ethnic Hungarians in Romania were also given the green light by Parliament to form the Board of Directors. The Save Romania Union criticised the fact that no one from the opposition is part of the Bank’s executive leadership. MP Claudiu Năsui:
“The fundamental objective of the National Bank should be to ensure price stability, not something like helping the government at key moments by setting lower interest rates and easier debts.”
The Liberal MP Florin Roman responded:
“If your proposals had been fair and right, I believe they would have got our vote. So, let’s not be hypocrites and stop electioneering.”
The leader of the Alliance for the Union of Romanians George Simion criticised the MPs’ lack of professionalism:
“We could, for example, look closely at the CVs of those proposed by you for the National Bank and see if everything is all right, if they really have the qualifications for their comfortable and well-paid jobs.”
The term of the leadership team for the National Bank is 5 years.