“We are experiencing a V-shaped recession, however we have no information on the U-shaped one when the economy falls for longer time, even years. The worst form of recession is the L-shaped when the economy falls severely and stays there for as long as several years”, said Isarescu.

He admitted that it is sill impossible to gauge the extent of the damage over the economy and how powerful is the economic slowdown. “We still don’t know what is on sight for us, but we are ready for the worst”.

He said the “extensive lending in summer” of banks and the lockup of lending afterwards has contributed to the severe crisis that is currently unfolding. “We did what we had to do - drew permits and sanctioned some of the lenders”. The governor stressed that Romanian producers would have to regain the Romanian market.

“It is abnormal for Romania to import 70% meat and 90% fruits. we have tor regain the internal market”, Isarescu added.