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BNR's Isarescu: Abuse of exchange rate fluctuation can be as damaging to economy as abuse of rigidity

Inquam Photos / Octav Ganea
Mugur Isarescu

Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Tuesday in Constanta that abuse of exchange rate fluctuation can be as damaging to the good functioning of the economy as the abuse of rigidity, mentioning that the BNR cannot lead the exchange rate where it wants.

"With regard to the current differences between countries in terms of euro adoption, some may find it odd that Bulgaria, which is still behind the real convergence, is considering a faster entry into the Eurozone than Romania. It is natural for the neighbouring country to regard the adoption of the euro as the only healthy exit from the current arrangement of monetary council, whereas in Romania, Hungary, Poland and the Czech Republic, countries where direct inflation is targeted, the approach is different, as the transition to the euro poses a higher complexity degree. This does not mean that Romania is skeptical about adopting the euro but only needs a comprehensive vision to ensure the right time and success in the Eurozone," said Mugur Isarescu.

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