The governor of the National Bank of Romania, Mugur Isărescu, had his tenure renewed for another five years on October 1. The government has also approved changes in the bank’s nine-member executive board.

Isărescu, who has been at the helm of the bank since 1990 – with a 12-month break in 1999, when he served as prime minister – said there was a “transition of the management of monetary and macroeconomic policy in Romania from the older generation to younger generations”.

The younger generation