Isarescu wants new term as governor

National Bank Governor Mugur Isarescu would like a new term at the helm of the central bank, nineteen years after taking this position. He is already the Romanian official to retain his position for the longest time, having gone through three presidents and eight prime ministers.

“Since it will be a while before I turn 65, I do not intend to retire,” Isarescu answered when asked by Mediafax if he was interested in a new term as governor of the National Bank. He is 59, and in September 1990 when he was appointed governor he was 40, which made him one of the youngest heads of central banks in the world. From December 22, 1999 through November 28, 2000, Isarescu took a hiatus from this position to serve as Prime Minister, at the end of President Emil Constantinescu’s term when the right-wing government coalition had reached a stumbling block and the country was going through an economic crisis. Adrian Vasilescu, advisor of the NBR governor for well over a decade, explained Mugur Isarescu’s statement. “Asked by Mediafax agency whether he was interested in a new term as NBR Governor, Mr. Mugur Isarescu answered as he usually does: ‘Since it will be a while before I turn 65, I do not intend to retire.’ If you want me to interpret this answer for you, I will tell you that as a man who has been through numerous turbulent events related to the operations of the National Bank and of the monetary circulation since 1991 until now, he undoubtedly wants to be in this position in 2014, to be a godparent at the RON’s wedding with the euro,” Vasilescu stated. NBR and the Government announced 2014 as the target for securing the approval to join the euro zone, with the actual introduction of the currency set to take place on January 2015. The current Board of Governors of the National Bank was appointed by the Parliament at the end of September 2004, when PSD (Social-Democrat Party) had the most MP seats, supported by PRM (Greater Romania Party) and UDMR (Democratic Alliance of Hungarians in Romania) – which have one representative in the Board each. Now PRM is no longer part of the Parliament and UDMR is part of the opposition. PSD and PD-L (Liberal-Democrat Party) intend to take all the seats in the Board. Political support for Isarescu will not be an issue, with talks carried out for the other members.