Romania’s central bank Governor Mugur Isarescu is set to be confirmed for another five-year term, making him the world’s longest-serving central bank governor. He took on the leadership of the National Bank of Romania in 1990, just after the fall of Nicolae Ceausescu’s communist regime, and has held the position for over three decades.
At 74 years old, Isarescu has the support of the largest political parties in parliament to continue his tenure. The decision on his reappointment will be made after the local and European Parliament elections on June 9. Isarescu has been dealing with high inflation in the European Union and has cautioned against rapid interest rate cuts, urging the government to address a projected budget deficit of 5% of economic output.
Sources close to the discussions suggest that Deputy Governor Leonardo Badea is likely to take over the first-deputy role from Florin Georgescu. Additionally, support for a new deputy governor post goes to Ionut Dumitru. It is expected that current board members like Cristian Popa and Csaba Balint will have their mandates renewed. Presidential adviser Cosmin Marinescu may also join the team.
As discussions on Isarescu’s reappointment continue, it is not clear when a final decision will be made by parliament, but it is expected that it will happen by the end of June. The central bank’s spokesman declined to comment on any specific details regarding this matter but stated that they are closely monitoring developments and working towards ensuring stability in Romania’s economy during this uncertain time due to COVID-19 pandemic situation.
