The escalation of tensions in the Middle East has already produced visible effects on energy markets and continues to amplify volatility in international financial markets, while external developments overlap with Romania's already known domestic economic vulnerabilities, such as persistent twin deficits, Governor of the National Bank of Romania (BNR) Mugur Isarescu said on Thursday.
"The theme of today's meeting, risks and opportunities in the Romanian banking and financial system, reflects the current concerns of the economic and financial environment in a volatile and hard-to-predict international context. This conference is part of a series of initiatives developed under the collaboration protocol between the two institutions [the BNR and the Bucharest University of Economic Studies - ASE], a partnership aimed at stimulating research and supporting academic performance in the financial-banking area. The global economic context is undergoing a period marked by profound changes, and recent geopolitical events continue to influence the structure of the world economy. The escalation of tensions in the Middle East has already produced visible effects on energy markets and continues to amplify volatility in international financial markets. At the same time, trade tensions between major economies and increasing trends of economic fragmentation contribute to maintaining a global climate dominated by uncertainty. For Romania's economy, these external developments overlap with already known internal vulnerabilities, such as the persistence of twin deficits," Mugur Isarescu said at the conference on "Risks and opportunities in the Romanian financial system."
In this context, he mentioned that understanding and explaining economic and financial mechanisms are becoming ever more important.
"Financial education no longer means just the ability to manage personal finances efficiently, but it is also a necessary component for understanding how the economy works and for making informed decisions. A society better prepared financially is more capable of understanding economic developments and trends, managing unexpected shocks and contributing to maintaining financial stability. This is also our role here: to help foster a better understanding of how the economy works in general, Romania's economy in particular," Mugur Isarescu said.
The conference on "Risks and opportunities in the Romanian financial system" was organised by the National Bank of Romania and the Bucharest University of Economic Studies.
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