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Isarescu: An unrealised economic growth in conditions of balance, sooner or later, will be interrupted
An unrealised economic growth in conditions of balance, sooner or later, will be interrupted and one finds that gaps are deepening, Governor of the National Bank of Romania (BNR) Mugur Isarescu stated on Wednesday.
"It's a big confusion about what this macrostability means. We got out of an older story. When I was younger, back in the '90s, they were telling me: 'What macro-stability, Mugur, leave us! The dead man is macrostable, too.' They were out of line. Who is more stable than a cold one and on the table? Now, I believe it has progresses, it has been understood that macrostability is paramount. Discussions start, what is macrostability? We searched a formula, perhaps you (analysts) find a better one," Isarescu stated at the Association of Financial-Bank Analysts of Romania.
According to him, we need to take care of macrostability "as the apple of our eyes."
"Any economic growth, if not done in some balanced conditions, sooner of later, it will be interrupted and the long-term tendency is not to get close to the growth levels, to reduce gaps, but the other way around, on a long-term one can find that gaps deepen. We said that me must take care of macrostability, balance in general, as the apple of our eyes. Perhaps I exaggerated, maybe ... but you better find a better formula, because there is no playing with it," the BNR Governor mentioned.