How are the dialogue and decisions likely to develop in the next few years? These are some of the questions that I shall be considering today. 1. Convergence A natural starting-point for a discussion of the current economic situation in Europe is the convergence reports that the Commission and the European Monetary Institute (EMI) presented at the end of March. •  The price trend for the EU area in recent years is impressive. The disparities in the rate of price increases have diminished and in January this year inflation was below 2 per cent in all the Member States except Greece. This development is fundamentally a consequence of the monetary policy focus on price stability, backed up by economic policy in general. Other factors have been increased international competition and low oil prices. •  The picture of government finances in the EU countries has also brightened. Progress has been made in the process of financial consolidation. However, a number of countries are only just below or at 3 per cent and have qualified thanks to measures of a temporary nature. •  A high degree of exchange rate stability now prevails in most EU countries and tensions in the exchange rate mechanism (ERM) have been moderate. •  The notable convergence of long-term interest rates is another indication of the stable situation and EMU expectations. BIS Review 50/1998  -2-  All in all, the reports from the Commission and the EMI show that convergence in the Maastricht sense has come a long way.
The European Commission and the European Investment Fund (part of the European Investment Bank Group) have launched the ”BlueInvest Fund” available for the “blue” economic activities. The funds are aimed at companies that develop solutions for renewable energy and “blue” biotechnology, among others. I will conclude my brief opening speech on a special, more personal note. Dear Mr. McDowell, this summer you will complete your tenure as Vice President of the European Investment Bank. On behalf of the Board of Directors of the National Bank of Romania, allow me to express our gratitude and highest regards for your activity during your mandate. Please accept the expression of genuine appreciation for your commitment, your dedication and your leadership, which have led to remarkable results in investments in the Romanian economy. We wish you all the best possible outcomes for all your future endeavours. I now invite Gyorgy Attila, State Secretary at the Ministry of Public Finance to take the floor. 1 1 NBR Annual Report 2018, pages 21 – 26  2/2  BIS central bankers' speeches