Romania's central bank governor Isarescu, confirmed for new term, speaks of passing on power to new generation
<p>The joint session of the two Chambers of the Romanian Parliament approved, on October 1, the management structures of the National Bank of Romania (BNR), as well as those of the Financial Supervision Authority (ASF) and the National Broadcasting Council (CNA), according to <a href="https://www.bursa.ro/parlamentul-a-aprobat-structurile-de-conducere-ale-bnr-asf-si-cna-61595358?mc_cid=7ae678205e&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Bursa.ro</a>.</p>

<p>BNR governor <strong>Mugur Isarescu</strong> (75), who remained in his seat after more than three decades, spoke of passing the monetary decision to younger generations.</p>

<p>"As the current Board of Directors and the proposals in front of you [for a new Board] look like, it is clear that we are witnessing a transition of the management of monetary and macroeconomic policy in Romania from the older generation that I stand for, to younger generations," Isarescu stated in front of the lawmakers.</p>

<p>However, he also stressed the importance of continuity.</p>

<p>"A certain continuity is necessary, and I stand for this continuity, as well as [vice-governor Florin] Georgescu," Isarescu stated.</p>

<p>Opposition party USR criticized the hearings of the nominations for the Financial Supervision Authority (ASF) as a mockery – but has not commented on the new BNR board members.</p>

<p>At the top level, the younger generation is formed by Leonardo Badea, who takes over the first vice-governor position, replacing Florin Georgescu (who keeps a vice-governor seat) and Cosmin Marinescu, presidential adviser.</p>

<p>As for the non-executive positions, Aura Socol, a professor at ASE and the wife of Cristian Socol, an economic adviser to prime minister Marcel Ciolacu, obtained a position on the lists of the Social Democratic Party (PSD).</p>

<p>From the Liberal Party, Alexandru Nazare, former minister of finance supported by president Klaus Iohannis, is among the new members, along with Roberta Anastase, a last-minute nomination that prompted surprise.</p>

<p>The BNR management team, as voted by the lawmakers, includes nine.</p>

<p>- Mugur Isarescu – governor since 1990, with a short break during which he was prime minister (2000).<br />
- Leonardo Badea (packed by PNL) – currently vice-governor, would take over the position of first vice-governor, now occupied by Florin Georgescu.<br />
- Cosmin Marinescu (backed by PNL) - advisor to president Klaus Iohannis, would replace Eugen Nicolaescu in the position of vice-governor.<br />
- Alexandru Nazare (backed by PNL) is the former minister of finance.<br />
- Florin Georgescu (backed by PSD ) will become vice-governor (he is currently vice-governor).<br />
- Roberta Anastase (backed by PSD) – a sociologist by profession, was one of the leaders of the Liberal Democratic Party of former president Traian Basescu, also holding the position of president of the Chamber of Deputies, parliamentarian, and MEP.<br />
- Aura Socol (backed by PSD) – professor, non-executive member of the ASF board, is the wife of Cristian Socol, the architect of PSD's wedge-led-growth economic policies.<br />
- Csaba Balint (backed by UDMR) – a member of the Board of Directors of the BNR, former macroeconomic analyst.<br />
- Cristian Popa (backed by USR) – a member of the Board of Directors of the BNR, former director of investments.</p>

<p><em>iulian@romania-insider.com</em></p>

<p><em>(Photo source:&nbsp;Inquam Photos /&nbsp;<a href="https://www.inquamphotos.com/users/georgecalin">George&nbsp;Călin</a>)</em></p>