Way of Financial Crisis Transmission in Romania
Journal Title: RECENT - Year 2009, Vol 10, Issue 27
Abstract
The financial system in Romania evolved in an environment strongly marked by the global financial and economic turmoil. The Romanian economy had reported high economic growth for several years, accompanied by the build-up of a relatively significant external deficit, as well as by the rise in short-term external debt. The banking sector, which holds a key position in the financial system, withstood these pressures well. The repercussions of the deteriorating external economic environment affected the Romanian economy with a certain time lag, adversely affecting above non-financial private sector. The National Bank of Romania, in its capacity as supervisory authority, responded to the new threats by meeting the specific liquidity needs. Measure adopted like strictly monitoring of banks, improve the prudential regulation framework and, signing, together with the Government, financing agreements with the International Monetary Fund and the European Union. These agreements ensure the adequate financing of the current account deficit and render economic and financial policies more credible.
Authors and Affiliations
Cătălin GHEORGHE
Keywords
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