The fourth article of the Central Bank Law states that the Bank is responsible “ to monitor the financial markets; to regulate the volume and circulation of the Lira, to establish payment and securities transfer and settlement systems and to set forth regulations to ensure the uninterrupted operation and supervision of the existing and future systems and to determine the procedures and conditions of reserve requirements and liquidity  5  Hoggarth, G. Reidhill, J. Sinclair, P. (2004). On the Resolution of Banking Crises: Theory and Evidence. Bank of England Working Paper. No.229. BIS Review 38/2005  5  requirements by taking into consideration the liabilities of banks and other financial institutions as deemed appropriate by the Bank.” In this article it is also stated that the Bank will take measures for enhancing the stability in the financial system and take regulatory measures with respect to money and foreign exchange markets as well. Hence, The Bank is equipped to take necessary measures in times of external shocks and in fact proved that during the 9/11 event and also the Iraqi War in 2003. Distinguished Participants, After the 2001 crisis, besides amendments in the Central Bank Law, many steps were immediately taken to strengthen the financial sector. At first, the “Banking Sector Restructuring Program” was put into practice in May 2001. The main goal of the program was to eliminate the distortions in the financial sector, improving its intermediary function and thus enhancing its competitiveness by international standards.
Let me salute the presence of Mr. Jaroslav Hanák, President of the Czech Confederation of Industry, Mr. Karel Novotnỳ, Deputy Minister of the Czech Ministry of Industry and Trade and Mr. Bogdan Pandelică, State Secretary of the Romanian Ministry of Economy. They will address the audience right after my brief remarks. I extend a warm welcome to His Excellency Mr. Jiři Šitler, the Ambassador of the Czech Republic. The Forum will focus normally on micro level, on real economy issues. Allow me to say a few words about the macroeconomic perspective in Romania, which is the main area of interest for central bankers. The macro perspective is relevant since is the canvas on which the picture of business relations is to be set up. No doubt the crisis has taken its toll on Romania’s economy, given the large imbalances which had been steadily accumulating during the boom years. Whether the crisis has ended or not at European level is still a matter of debate. What may be said for certain is that Romania undertook the necessary adjustments during 2009–2012 period and the preconditions for sustainable growth are now in place. Indeed, the result of these adjustments may already be seen in the 2013 economic performance, which hopefully marks a turnaround in Romania’s economic development: rapid economic growth (judged by the current EU standards), sizeable adjustment in the current account deficit, historically low inflation, while keeping the fiscal deficit well below 3%.