The new board, which includes three new names – Liviu Voinea, Gheorghe Gherghina and Daniel Daianu, was voted by the Parliament in June.
Politics played a part in the choice of the nine members of the Board of Directors, but central bank governor Mugur Isarescu had a say in that, too.
The members who lost their seats in the board are Cristian Popa, who served three consecutive terms as deputy governor in charge of monetary policy, Nicolae Danila and Napoleon Pop.
This is the fifth Board of Directors of the central bank after 1989.
Romania’s euro zone accession expected for 2019 is a project in which the central bank will play an important part and should become the priority of the term of the new board, which consists of four executive members and five mere members.
Before completing the transition to the euro, the new board wants to join the Banking Union with its three components: the single supervisory mechanism, single resolution mechanism and single deposit guarantee scheme.
It will also have to continue the banking system cleanup to get rid of the non-performing loans.
“During the next term, Romania will definitely join the Banking Union, the euro zone and continue to develop European institutions. Yet I hope our next term will be faced with fewer challenges and crises than the previous one,” the current and future deputy governor of Romania’s central bank Bogdan Olteanu said at the 14th edition of the Post Crisis Mandates for Central Banks: Regulatory and Institutional Challenges event on Thursday.
Whereas in some countries taxpayers paid to help the banking system, in other countries, like Romania, no public funds were used to support the banking system after 2008, he added.
“As regulators, as supervisors, we need to make the mechanism work in such a way so as to allow the banking system to stabilize on its own and not use public funds.”
Mugur Isarescu, who has been central bank governor for the last 24 years, got a new five-year term.
Florin Georgescu, first deputy governor at his third term, Bogdan Olteanu, deputy governor, at his second term, Agnes Nagy, board member at the fourth term, Marin Dinu, board member at the second term and Virgil Stoenescu, at the third term, are the rest of the members of the fifth Board of Directors.
(English version by Loredana Fratila-Cristescu)