“The variations in liquidity in the interbank market are extremely wide and if we look at the size of the state securities market and the interbank market trades, we’ll see that the market is still far from being efficient and modern enough to meet demands”, said the vice governor of the National bank of Romania, Cristian Popa.

The NBR vice governor stressed that the transition from excess to a shrinking of the pool of available liquidity in October 2008 had been dramatic.

“These are changes in the trading regime. It is as difficult to see them coming as it is to adapt to them. In times of economic boom, liquidities are relatively easy to obtain, but when the liquidity is shrinking, pressure on balances and their quality is fairly high, the regime change being at risk of escalating into a full-blown crisis”, Cristian Popa explained.