National Bank Governor Mugur Isarescu has asked ZF to stopcriticising the policy of the central bank, explaining that it hadalways had to offset the procyclical effects of the fiscal and wagepolicy over the last few years.
"I would like to ask you to ask Mr. Pislaru to temper hiswriting, make a personal request to him and until he understandsit, he should stop his virulent writing about the fact that we haveto do this year what we did not last year," Governor Mugur Isarescusaid from the NBR rostrum. Many bankers and analysts believe thatthe central bank should have cut the interest rate faster toprevent the significant contraction of the economy, but the NBRpreferred to focus on reducing the volatility of the exchange rate.NBR officials had dismissed the idea of a severe contraction inRomania's economy until last summer, and the interest rate was cutin cautious steps. Answering a question asked by ZF about theeffectiveness of the arrangement signed with the InternationalMonetary Fund, mentioned during yesterday's speech, given that theeconomy remains in recession, Isarescu said the goal had only beenpartially achieved.
"We avoided the crisis, which would have seen the euro go tofive or six RON, as some people wanted it," the governor said,explaining the purpose of the foreign loan agreement, admittingthat recession could not be avoided.
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