Romania
Researchers find ‘strong evidence’ of ECB policy spillovers to CEE countries
Working paper examines the spillover effects of the ECB’s ‘non-standard’ measures since 2007 on the Czech Republic, Hungary, Poland and Romania
Romania euro entry ‘no longer feasible’ for 2019, central bank governor says
National Bank of Romania governor says it is ‘no longer technically possible’ to join the single currency by January 2019; had previously warned of need for structural reforms
IMF economists release study on LTV and DTI limits in six countries
Working paper studies the implementation and effectiveness of loan-to-value and debt-service-to-income limits in Brazil, Hong Kong, Malaysia, Poland, Romania and South Korea
Romania slashes inflation forecast with VAT cut on horizon
Latest forecast has inflation falling to 0.2% at the end of the year, before rising to 1.9% a year later; Central bank cut key rate by 25bp earlier this week
Romanian governor calls for adjustments before joining ERM II
Mugur Isărescu says aim of adopting euro in January 2019 is ‘highly ambitious’ on account of the reforms necessary to ensure sustainable convergence
IMF report urges review of euro timeline in Romania
Staff fear convergence could take longer than expected; encourage the transition to a ‘full-fledged’ inflation targeting regime at the central bank
Romania governor calls for early entry into Banking Union
Romania will be affected by Banking Union either way, argues governor Mugur Isărescu, so would be better off inside rather than outside
Romania governor backs banking union as ‘substitute' for fiscal union
National Bank of Romania governor is prepared to take his country into the single currency despite the lack of a fiscal union without which monetary union 'cannot function properly'
Kenya's M-Pesa mobile money app launches in Romania
East European country is the first territory in Europe to get the mobile cash transfer technology, which also launched in India last year
Greek paper finds Turkish economy bucks EU trends
Academics use a GVAR model to examine interlinkages between southeast European economies and how they react to eurozone macroeconomic policy; Turkey bucks trends followed by EU members
ECB paper develops macro-pru tool probing impact of sudden capital outflows
Results show limited impact of a liquidity shock on banks' solvency ratios in the short term, but ‘moderate to high' effect on the supply of credit to the broader economy
Romanian interest rates could fall yet further, says central bank
National Bank of Romania uses quarterly inflation report to signal it is likely to continue monetary easing, as inflationary pressures dissipate and growth remains weak
Lagarde advocates closer European integration
IMF managing director tells Romanian audience the ‘right future’ for Eastern Europe is greater integration with its EU neighbours; implores region not to turn its back on European project
National Bank of Romania struggles to keep inflation on target
Romanian inflation remains outside target band despite negative output gap, with blame pointing to energy market developments among other factors
Romanian governor dedicates Polish award to his forerunners
National Bank of Romania’s Mugur Isărescu receives Order of Merit from Poland for his contribution to the countries’ co-operation; reflects on Romania’s war-time assistance
Romanian governor examines monetary policy transitions
Mugur Isărescu considers changes to Romanian monetary policy in response to changing economic environment; says policy requires an understanding of theory but must be grounded in economic reality
IMF paper examines capital flow management
Working paper considers methods of managing large-scale capital flows in Czech Republic, Poland and Romania; argues capital controls should not be used
CNB minutes reveals falling koruna allowed rate hold
Czech National Bank minutes shows weakening koruna allowed central bank board to leave rates unchanged at 0.75%
Central banks react to eurozone situation
Denmark and Romania lower benchmark rates and Australia lowers growth expectations; all point to continuing eurozone uncertainty as key decision-making factor
Central banks’ flight to safety in reserve holdings continues
Reports continue to emerge from around the world of central banks diversifying their foreign currency reserves and adding to gold holdings
Romania joins Target2
National Bank of Romania moves step closer to euro adoption with launch of national component of large-value euro payments system
IMF paper on foreign credit expansion in European EMEs
Fund study finds evidence of significant increase in level of foreign credit growth in emerging European countries
Trichet warns Romania of complacency
European Central Bank president Jean-Claude Trichet advises Romania to actively tackle deficit at event marking central bank’s 130th anniversary
Holocaust museum slams Romanian central bank over ruling on anti-Semite coin
US Holocaust Memorial Museum labels National Bank of Romania’s decision to keep anti-Semite coin in circulation “misguided”