NBR management term extended by elections

The term of the current Board of Directors of the National Bank of Romania (NBR) expires on December 19, right after the parliamentary elections, when there might be no one available to appoint new members. Under the circumstances, the central bank would risk being left without a legally covered Board, for a brief period right at the end of the year, when important decisions may need to be made. Finance Minister Mihai Tanasescu says that in order to avoid this problem, the Parliament could decide to extend the current term by three months, so that the Board could make decisions until a membership is sanctioned. Another option considered would be voting the new make-up of NBR’s management in advance, prior to the conclusion of the last parliamentary session before elections. ZF