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ECB Chairman Trichet: There is no substitute for sound and stable policies

Attending a concert on Sunday in Bucharest celebrating the 130th anniversary of the National Bank of Romania (BNR), Chairman of the European Central Bank (ECB) Jean-Claude Trichet urged the Romanian authorities to come up with sound and stable policies able to generate sustainable economic growth.

Continuing the reform process in an active way and laying the foundations for positive macroeconomics developments, including a sound fiscal policies are still essential problems facing Romania and the other economies, said Trichet, warning that there is no substitute for sound and stable policies.

Trichet commended the BNR for its monetary policy in a time of economic turmoil and for its contribution to Romania's financial stability. He added that the Central European Bank wants to continue and consolidate its dialogue with the BNR, saying that the dialogue has been fruitful so far.

Trichet mentioned that at an international level the BNR has became one of Romania's most respected institutions. He pointed out that cooperation between the ECB and the BNR started long before Romania's accession to the European Union.

BNR Governor Mugur Isarescu said in his turn that Romania's sustainable development depends on the consistency of economic policies.

'One of the conclusions that the troubled 130-year history of the BNR, and the world history, highlights is that any time public debate is moved from the province of free competition between rightfully grounded scientific hypotheses to the arena of noisy or authoritarian arguments, in the end there will be victims at all levels of the society, no matter the immediate results. The existing world economic and financial crisis has warned us once again that there is no valid replacement for consistent economic policies. Rectifying the errors of economic policy is painful anywhere in the world, sometime it is hard to understand by the public and, inherently, tardy,' said Isarescu.

He also pointed out that the BNR is the 16th in the world by chronological order, having been established on September 5, 1880 at the first meeting of the bank's administration board. He said BNR is now a member of the European system of central banks and it is assiduously preparing for Romania's switchover to the European single currency.

Isarescu said that the BNR is a solid, stable, credible, reforming and dynamic institution that has helped Romania overcome many difficulties along history.

He added that over the past 20 years, the BNR has used its institutional experience, capitalized on its expertise and also benefited from support from other central banks and international financial institution in the process of reform.

'Looking to the future through the prism of the 130 years of activity, I want to underscore that the BNR is firmly engaged in fulfilling its mission of a guardian of price stability and financial stability in Romania. Our efforts will focus on an engagement, alongside the Government, for promoting sound, stability-oriented policies that will help us overcome the current difficulties,' said Isarescu.

The BNR governor underscored that attracting European funds plays an essential role to the sustainable development of Romania.

He added that the BNR will consolidate its ties with the Romanian Academy to carry out ample works that will inspire strategies and programmes.

Romania's President Traian Basescu, Prime Minister Emil Boc, Chairman of the European Central Bank Jean-Claude Trichet, Romania's former President Ion Iliescu and Governor of the National Bank of Romania (BNR) Mugur Isarescu on Sunday attended an extraordinary concert staged by the Symphonic Orchestra of the George Enescu Philharmonics at the Romanian Athenaeum in Bucharest celebrating the 130th anniversary of the BNR, Agerpres reports.

Sursa: http://www.actmedia.eu

Tags: bnr european central romanias isarescu economic romania there trichet sound stable policies chairman

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