Romania is a supporter of this initiative as adhering to the Banking Union will strengthen financial stability and further increase confidence in the national banking sector through the harmonisation of supervisory practices and deposit guarantee schemes and avoiding regulatory arbitrage. In the long run, Banking Union will foster sustainable lending and economic growth (by reducing the fragmentation of the European financial markets). In the particular case of Romania, it makes even more sense to support the project given the share of foreign capital in our banking system. Furthermore, it is always preferable to have a voice in the setup of a mechanism the existence of which will affect all EU Member States, especially since – irrespective of their current choice – all will eventually end up as members. Our central bank will obviously be a major player in successfully reaching these objectives – sustainable nominal convergence, preparedness for euro adoption and strengthening financial stability through participation in the Banking Union. By doing this, it should contribute to providing the stable business environment that is required from the perspective of micro level decisions. Czech companies are already present as investors in Romania, with names such as CEZ, Zentiva, Hamé, and hopefully following this Forum more companies will join them. This should work both ways, as investment opportunities identified during the Forum discussions may also prompt Romanian companies to invest in the Czech Republic. Having said all this, I wish you to turn this event to good account and start fruitful business ventures.
For instance, organising this forum in Bucharest might be an opportunity for us to persuade our guests to get a flavour of the Romanian wines. As far as the Czech beer is concerned, Romanians do not need much convincing – they are already into it. I do wish you all excellent and productive discussions. Thank you! 2  BIS central bankers’ speeches