Mugur Isarescu, the governor of the National Bank of Romania, has been quite vocal in his views lately. His vociferousness, on several occasions, is worthy of quotation:
"The Central Bank has to control market liquidity depending on the instruments at its disposal, playing a vital role in this sense. Technically speaking all those that keep commenting BNR actions based on exchange rate evolution alone are making a mistake. The National Bank is doing a good job; it manages to maintain the macro-level balance through liquidity control. The exchange rate is almost an obsession for Romanians and the mass-media is more or less doing its job but the public debate remains superficial." [Source]
Victor Lupu warned us earlier this year about the possibility of Isarescu's warnings being more than just political small-talk. If Isarescu's warnings turn out to be on target, then Lupu's warnings follow suit. I enjoy Victor Lupu's column- he is a sharp thinker at a time when sharpness has been reserved for fashion.
"I do not believe that after the ongoing agreement is over Romania will still need another financial agreement with the IMF, because the IMF funding is for consolidating international reserves and boosting credibility abroad." {Source]
“Currently we are still in recession. But mixing up the recession with the crisis causes much trouble. Many of the above-mentioned solutions for getting out of the crisis make us go deeper into the crisis. We want to impart the public opinion this major idea: if we want to get out of the crisis by doing everything that was made in previous years and what made us encounter this difficulty means that we have learnt nothing. The solutions that have been suggested seem good in the short run. The trap of populism is threatening us, it is almost prevalent in the present-day public discourse and is exactly the road to hell equipped with good intentions.” [Source]
He's right about the road to hell.
