Liviu Voinea: 10 years of Romania's EU membership - looking to the future

Presentation notes by Mr Liviu Voinea, Deputy Governor of the National Bank of Romania, at the conference "10 Years of Romania's EU Membership", Bucharest, 26 October 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

• Ten years after Romania's EU accession, the world has changed dramatically: the global financial crisis of 2008-09 led to the revision of rules in the international banking system, to growing social discontent with major consequences in terms of flourishing populism and protectionism, as well as to a reshuffle of maps - be they geopolitical, military or economic.
• Uncertainty is running higher today than prior to the crisis and the room for quantitative easing policies based on stimulating demand has narrowed considerably.
• Looking ahead, both the European Union and Romania need structural reforms.

As regards the EU:

• Many steps have been taken so far at institutional level: Stability and Growth Pact, CRD IV (Capital Requirements Directive), Banking Union, SRB (Single Resolution Board), SSM (Single Supervisory Mechanism), ESRB (European Systemic Risk Board). When needed, monetary policy undertook - in Europe as well, similarly to the US, UK or Japan - to escape recession and deflation and to foster renewed economic impetus.