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Mugur Isărescu: Meeting the challenges of volatility Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, at the "Meeting the Challenges of Volatility" Conference, organised by the Romanian Financial Analysts' Association (AAFBR) and Chartered Financial Analysts (CFA) Romania , Bucharest, 27 March 2018. * * * Distinguished guests, Ladies and gentlemen, Good morning and welcome to the National Bank of Romania. Let me extend a warm welcome to our keynote speaker, Ms. Rachel Lomax, a trusted, longstanding friend of Romania. I am pleased to open today’s conference – Meeting the Challenges of Volatility, organized by two prestigious professional associations, the Romanian Financial Analysts’ Association (AAFBR) and Chartered Financial Analysts (CFA) Romania, with the support of the National Bank of Romania. Here, at the central bank, we always offer a friendly framework for debate and interesting topics. I will not go into detail about today’s topic, as I am sure that the panelists of the three panels will bring to discussion important inputs regarding: Global markets volatility and potential risks for Romania (Panel I), Lending, regulations and capital flows volatility (Panel II), and How the fiscal volatility endangers economic growth (Panel III). Before introducing our keynote speaker, allow me to address a subject which is not part of today’s agenda, but is dear to our hearts. A hundred years ago, on the 27 th of March 1918, the union of the old province of Basarabia (Bessarabia) with Romania was created.