NBR's key objective: adoption of euro in 2014-2015

Isarescu’s primary objective at the beginning of a new mandate as chairperson of the National Bank of Romania is the accession to the euro area in 2014-2015, an “ambitious but achievable target date”, the governor of the central bank said.

The plenary assembly of the two Chambers of the Parliament passed yesterday with 251 votes for and 42 against, the board of National Bank of Romania for a new five-year term under the leadership of the longest-serving Governor, Mugur Isarescu.

“It is like the adoption of the euro and the new mandated have deliberately overlapped. Our strategic objective is achievable, ambitious though, but achievable”, said Isarescu.

The attempt to stay within target dates, Isarescu continued, will probably add coherence to the economic policies.

The advantage of the new board of the central bank is that it provides continuity to its projects, but has to get to grips with a more challenging task due to the economic woes, Mugur Isarescu said in the plenary session of the Parliament.

“The new board that you are to vote and that will begin its activity soon has to fulfill a more challenging task, due to the economic crisis, but will carry out all its duties. As most of the candidates have been in the board of the bank, the new structure will assure continuity, and together with the new members, the national bank will have to assure financial stability, price stability, soundness to the local currency and monetary circulation.

The governor added this was a commitment he reaffirmed to the Parliament.

Mugur Isarescu described the new board by “cohesion, professionalism and balance that brought us closer to fulfilling some objectives arising from the country’s accession to European Union”, but also opening capital accounts in time full of “pitfalls and temptations”.

Romania joins SEPA

Banking system in Romania will initiate a project for adopting Single European Payments Area standards for the domestic currency payments before the adoption of euro, while the use of the new system or of the old one rests with banks, said the chairman of Romanian Banking Association, Radu Gratian Ghetea.

“In Romania, there is a SEPA National Committee, made up of members of the Romanian Banking Association, Ministry of Finance and Transfond, that prepares a migration plan to SEPA products, even if the adoption of the euro currency is projected for 2014”, said Ghetea.

He added that the Council was currently preparing the creation of a SEPA-compliant clearing and settlement infrastructure for euro payments, “in line with the recommendations from European Payments Council”.

The new board of the National Bank of Romania

Mugur Isarescu – Chairperson of the Board and Governor of NBR

Florin Georgescu – Deputy Chairperson of the Board and First Deputy Governor of NBR

Cristian Popa – Member of the Board and Deputy Governor of NBR

Bogdan Olteanu – Member of the Board and Deputy Governor of NBR

Dinu Marin – Member of the Board

Nicolae Danila – Member of the Board

Virgil Stoenescu – Member of the Board

Agnes Nagy – Member of the Board

Napoleon Pop – Member of the Board.

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