RO central bank governor has no challenger for new term

Romanian Prime Minister Viorica Dăncilă announced on Monday, July 1 that the senior ruling party, PSD, supports Mugur Isărescu for a new mandate as head of the central bank (BNR), Adevarulreported.

Isarescu has no challenger, neither does first deputy-governor Florin Georgescu who will most likely get a new term, according to Profit.ro.

PSD senators headed by Serban Nicolae, last week said they wouldn't support Isarescu, but Nicolae lost the internal elections in front of PM Dancila subsequently accepting her position in regard to the BNR governor.

Furthermore, PSD “will have” the post of first deputy-governor, a deputy governor post and will appoint another executive member of the central bank as well.

Dăncilă said on Monday that the National Bank of Romania wanted a "very correct approach", so that, depending on the weight in Parliament, each party has allocated a certain number of posts.

As opposed to the majority of the countries where the central bank governor is appointed by the President, with the lawmakers overseeing the activity of the central bank, in Romania, the lawmakers appoint the management of the central bank and check their activity at the same time. On July 3, Parliament will vote on the new BNR leadership.

Mugur Isarescu, backed by virtually all important political parties for a new five-year term, heads the institution since 1990.

(Photo: Bnr.ro)