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.
- 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.