Isarescu’s primary objective at the beginning of a new mandate as chairperson of the National Bank of Romania is the accession to the euro area in 2014-2015, an “ambitious but achievable target date”, the governor of the central bank said.

The plenary assembly of the two Chambers of the Parliament passed yesterday with 251 votes for and 42 against, the board of National Bank of Romania for a new five-year term under the leadership of the longest-serving Governor, Mugur Isarescu.

“It is like the adoption of the euro and the new mandated have deliberately overlapped. Our strategic objective is achievable, ambitious though, but achievable”, said Isarescu.

The attempt to stay within target dates, Isarescu continued, will probably add coherence to the economic policies.

The advantage of the new board of the central bank is that it provides continuity to its projects, but has to get to grips with a more challenging task due to the economic woes, Mugur Isarescu said in the plenary session of the Parliament.

“The new board that you are to vote and that will begin its activity soon has to fulfill a more challenging task, due to the economic crisis, but will carry out all its duties. As most of the candidates have been in the board of the bank, the new structure will assure continuity, and together with the new members, the national bank will have to assure financial stability, price stability, soundness to the local currency and monetary circulation.

The governor added this was a commitment he reaffirmed to the Parliament.

Mugur Isarescu described the new board by “cohesion, professionalism and balance that brought us closer to fulfilling some objectives arising from the country’s accession to European Union”, but also opening capital accounts in time full of “pitfalls and temptations”.

Romania joins SEPA

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