Romania belongs to Europe not only in geographical terms, but also thanks to its one-of-a-kind cultural features. Standing at the confluence of the East and the West, being the sole Christian Orthodox nation among the Latin peoples, the sole Latin-rooted speaking people in the Orthodox East and acultural “melting pot” in itself, Romania boasts a culture that carries a valuable historical legacy. The National Bank of Romania is definitely a part of this legacy and was one of the key drivers of modern Romania.
A significant economic recovery in the euro area (EA) has been underway in recent years. Nevertheless, major challenges still remain as the Banking Union (BU) is incomplete and the EA is not yet robust enough when it comes to its tools and policy arrangements.
Monetary policy, in the future, will probably be a mix of monetary aggregates control (via the use of macro-prudential measures – which are a euphemism for capital movement control) and more pragmatic inflation targeting...
The global financial crisis has pushed central banks to broaden and heavily exploit their monetary toolkits as well as to find new instruments for the more delicate financial stability domain. One weapon in the arsenal, forward guidance, had be put to good use on the monetary policy field as central bankers strived to tame markets, buy time for reforms and persuade the public of the existence of a light at the end of the tunnel.
20 December 2016 marked the 165th anniversary of Johan Gustav Knut Wicksell’s birth. One of the world’s most prominent economists. But, in all probability, the most underrated one as well, as some argue, myself included. His work is important for understanding both inflation and monetary issues and public finance-related matters. There are, however, two enormous contributions that Wicksell has made to the economic research method and that, to my knowledge, no one has highlighted so far.
OpiniiBNR.ro este o platformă - forum pe care specialiştii din Banca Națională a României dezbat principalele evoluții macroeconomice și financiare locale și internaționale. Opiniile exprimate sunt strict personale, nu reflectă poziția oficială a Băncii Naționale a României și nu implică sau angajează în niciun fel această instituție.
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