Governor Mugur Isărescu believes central banks will get involvedincreasingly more in the real economy in order to ensure financialstability, as well as the transmission medium for mechanisms ofmonetary policy, where he gave the example of the increase ininterest rates by banks in contrast with the trend of the NBRrate.
"It was very well said that it is not the job of a central bankto go so deep into the real economy. Why do we do it and why willwe do it even more strongly in the coming period, including throughsubsidiaries? (...) There is a very good reason for this. This isnot just a slight refocus. This isolation or the separation of acentral bank from the real economy will start to fade. We don'tknow what a central bank will look like in the next seven years,"Isărescu said in the opening of his speech at a seminar on EUfunds, organised at the NBR by Economistul newspaper.
Since the beginning of 2009 the NBR has cut its monetary policyrate by four percent, bringing it to a historic low of 6.25% ayear. However, loans in RON for individuals and companies are nowclose to pre-crisis levels, with banks citing the cost of risk(provisions allocated for non-performing loans), which neutralisedthe cheapening of financing.
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