Isarescu: In the 1990s it was inconceivable to propose a law without an impact assessment

Mugur Isarescu, the Governor of the National Bank of Romania (BNR), said at a conference today that the fact that laws are being discussed without impact assessments being conducted should give us something to think about.

Isarescu stated that during the 1990s, when important legislative reforms were being done in Romania, there was no excuse for not having an impact assessment for a law, no matter how soon the reform had to be made.

“Coming up with a law that simply says that the same thing is being done in the European Union is not enough. First you have to see what it’s like in the EU, because it’s not standardised from a financial or banking point of view. There are many differences. Then I would ask: how many steps are there from saying we want loans in Romania to be like in the EU to proposing a law stating we need to have the same standard of living as the EU? Only a few. We’ll end up with some kind of law that says we must live as well as they do in the European Union,” Isarescu said.

Isarescu added that those who are involved in financial education need to have this factor in mind: “We’ve received international awards in financial education, but we haven’t managed to go much further than the walls of this building.”

The governor said that it is dangerous to speak only inside an institution and that messages can’t reach the population, which has to be aware of financial concepts in order to deal with current financial products and the complexity of daily life. He also mentioned that BNR is celebrating 10 years of being involved in major projects for financial education.

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