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Isarescu: accession to  the euro which is not an abandoned  project

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Mugur Isarescu, the governor of the National Bank of Romania (BNR) spoke  during the scientific session ‘ Romania in the European Union’ organised by the Romanian Academy about the accession to the euro, which is not an abandoned project, but one which needs a more responsible approach.’ After  the outbreak of the crisis there is a need for the meeting of criteria for convergence in a natural way not a forced one. The level of convergence is an essential criterion for the accession to the euro. But, it does not matter how fast you grow, but how  you grow. The growth of productivity with all factors is essential’ the BNR governor said.

According to the BNR official, there is a need for sustainability, as it is not only important how an economy grows, but how it grows.

Isarescu mentioned labour market reforms as an area that Romanian authorities should work on. Among the issues affecting the labour market, Isarescu the incapacity to retain talents, the gap between the qualifications of the labour force and employees’ needs, low mobility at national level, which represent constraints to the potential of development.

“After ten years since Romanian joined the EU I don’t think that our positive track record can be denied, although the path of the Romanian economy was not as smooth as we would have liked 10 years ago,” he added.

Mugur Isarescu spoke about a document made by IMF which shows that the annual rhythm of growh of GDP could be increased to  4.5% if the absorption of EU funds is maximised .The role of these funds in supporting the economic growth is essential.

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