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BNR Governor Isarescu: Worse than moving slowly on the road to convergence, is to miss the way. We are at risk

“Worse than progressing slowly on the road of convergence, or stepping on the spot, is to miss the road. We are at risk. Being and staying on the right track in the approach to recover the gaps should be our permanent concern, if we want to preserve the coherence of the economic integration process,” National Bank Governor, Mugur Isarescu, said on Wednesday at the conference ‘Romania 2030: How do we recover the gaps to Western Europe?”

Isarescu added that forcing the convergence, as well as delaying convergence, are equally harmful and a coherent mix of policies is essential to keep the economy on the upward trend without straining the macroeconomic balances.

“The optimum level of real convergence, in order to have a successful accession to the Eurozone is still subject to controversies. The committee I am part of will release, likely in December, the report on convergence to the Euro area. In my view, keeping the convergence in the right direction and its sustainability are more important than its level. In order to avoid derailing, the process of recovering the gaps should be conducted with an adequate pace so that the gains are not affected by sudden deteriorations,” the BNR Governor said.

Isarescu added that the proper dosing of efforts is needed, as conversion is not a 100 metres sprint, but a marathon.

“If we want to avoid what happened in other cycles, we have overcome others and then we might see we are again at the back, we should consider this marathon. We need resilience and courage, but mostly patience,” Mugur Isarescu said.

 

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