Mugur Isarescu says Romania should avoid major macroeconomic imbalances and accelerate structural reforms

Sorin Melenciuc 05/06/2019 | 15:19

Romania should avoid major macroeconomic imbalances and accelerate structural reforms in order to have sustainable economic growth, as the current import-based model “only generates jobs abroad”, central bank governor Mugur Isarescu said on Wednesday.

“It is essential that Romania avoid major macroeconomic imbalances and accelerate structural reforms that enable sustainable economic growth,” Isarescu said.

“We support an economic growth that is not based on imports, which only generates jobs abroad,” he added.

The governor criticized the government for its new regulations imposed without any consultation with the relevant stakeholders.

The emergency decree 114/2018, “adopted without prior consultation with the National Bank, without consultation with the banking industry and especially with the European Central Bank, as required by the Treaty on the Functioning of the European Union, posed a serious risk to financial stability by affecting the transmission mechanism of monetary policy and through the significant material impact on the banking system,” he warned.

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