The invitation addressed to BNR Governor by the Fin Min seemed an ultimatum, National Bank official says

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National Bank consultant on strategy, Adrian Vasilescu, says Governor Mugur Isarescu comes out with messages every time risks are in sight and he did so also on Tuesday to draw attention on the so-called ‘tax on greed’.

“This tax on greed takes as criterion an index on the money market and is unique in the world, no one has conducted such an experiment before in order to see what comes out. Everyone understands it cannot go right. (…) The Governor comes out with messages every time there is a risk which could affect the balance of financial stability. This is what he has done on Tuesday. He told the public his point of view. The Finance Minister says: I will invite him to explain. It is not possible. There is a legal framework and it is the National Committee for Macro-prudence,” Varilescu said on Wednesday.

He argues that the invitation from Finance Minister Eugen Teodorovici addressed to the BNR Governor “did not seem friendly” but “rather an ultimatum” and the Governor does not have the right to respond to “ultimatums”.

“The Governor said this is an issue to be discussed within the legal framework. This is the only framework to conduct such talks. There is no other. Of course, the minister could invite the Governor, saying he had been to the National Bank for talks before, but the invitation did not seem a friendly one. It sounded as an ultimatum and the Governor does not have the right to respond to such an ultimatum,” Vasilescu said, hotnews,ro informs.

Regarding the fall of the national currency against the European currency, the lowest level ever registered on Wednesday (RON 4.6722 per EUR), the BNR official said the depreciation is actually only 0.5 bani.

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