Three words can mean a lot, both in someone’s love life and in financial markets, especially when it comes to major central banks. These words are “Whatever it takes” and they were voiced by former ECB President Mario Draghi back in July 2012, in a bid to persuade investors that the European economy was not in such dire straits as it seemed.

In addition to major health issues, Covid -19 creates major economic problems. The risk of a deep global recession is very high. It is a shock that reduces supply, especially through the shock on the labor force, through illness or social distancing, resulting in the closure of many activities in different industries.

Reforms in and of the euro area, to make it robust, would be more than welcome in accession candidate countries. As for its part, the Romanian economy needs to achieve a critical mass of real convergence and control its imbalances on a sustainable basis in order to enter the exchange rate mechanism and, after that, join the euro area under auspicious terms.
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Disclaimer 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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