Governor Mugur Isărescu opened the seminar organised on Saturdayto celebrate the 130 years since the setting up of the NationalBank of Romania by telling a short story about the financial andpolitical situation of the country back in 1991 when he was at thebeginning of his first term, which however, sounded strikinglytopical.
Isărescu recounted how he had answered at the time, when Romaniawas also assisted by the International Monetary Fund and PetreRoman's government had just been dismissed, a question asked byMichel Camdessus, the then managing director of the Fund, on howthe loan arrangement was going. "The programme is on track, but thecountry is off track," Isărescu recalled his answer almost 20 yearsago, sparking laughter that for a brief moment broke the sober moodin the hall filled to the brim with representatives of financialinstitutions, heads of central banks and heads of local commercialbanks.
His remark comes after the end of last week saw six of the 15government ministers replaced, with the opposition preparing a newmotion to censure.
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