Daniel Daianu: comments on “Reigniting growth in emerging market and low income economies; what role for structural policies”, by Davide Furceri et.al, IMF, October 2019 (NBR, Bucharest, October 15th, 2019)
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.
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.
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.
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