Mugur Isarescu: some adjustments would have been painful without foreign aid

Romania’s Central Bank interventions in the market were meant to prevent an excessive depreciation of the national currency and its level had to be correlated with the progresses registered in adjusting the current account, Romania’s National Central Bank governor Mugur Isarescu declared, in the dissertation submitted at the Royal Academy Doctorate in Spain.

Isarescu declared that the central bank followed closely the evolution of the real exchange rate, correlate with the foreign competitivity pressures. According to him, the value and the moment of interventions were related with the control of the liquidity on the monetary market.

For Romania’s economy, some adjustments would have been too painful without foreign financial aid.