This institution has supported the Romanian banking sector too, especially during the privatization process. Joining MIGA finalized the normalization process. 1/3  BIS - Central bankers' speeches  Throughout the 1990s and up until the EU granted Romania the functional market economy status in 2004, and later on, until the actual EU Accession in 2007, the IMF and the World Bank have been our main economic and financial external partners, during the transition. It goes without saying that one central pillar of this transition was represented by the continuous reforms of the national legislation regarding the central bank and the financial sector reforms, which have benefited from the extensive contributions of IMF and World Bank staff. For instance, the essential legislation governing the banking system was drafted with the assistance of IMF experts. In this context, I would like to mention the seven IMF Stand-by Agreements that, in addition to the Balance of Payments support, have also contributed to the implementation of structural reforms prior to the EU accession. Similarly, the World Bank's programs have contributed to the development of the Romanian financial and banking system (e.g. the Financial and Enterprise Sector Adjustment Loan (FESAL) – focused on reforming the financial sector, and the Private Sector Adjustment Loan (PSAL) – offered support towards the privatization of the Romanian banks and to the development of the monetary and capital market). During this transition period marked by major changes, I would like to highlight one element of continuity.

That moment in 1972 became part of a number of further positive decisions that put Romania in the global economic family: joining the General Agreement on Tariffs and Trade (GATT) in 1971; acquiring preferential trading status with the European Common Market in 1973; being granted the most-favored-nation status by the United States Congress in 1975; obtaining facilitated access to credits from the Export-Import Bank and the Commodity Credit Corporation (CCC). Over the same period of time, mixed capital companies were established in Romania as well as abroad, including, within the banking sector: Banque Franco-Roumaine, Anglo-Romanian Bank, Banca ItaloRomena, Frankfurt Bukarest Bank AG, MISR Romanian Bank. The brand of the American bank - Manufacturers Hanover Trust - was visible in University Square, right in the heart of Bucharest, and in premium data technology RomControlData was operating in the country. Unfortunately, during the 1980s the authorities in Bucharest weakened the relationship between Romania and the West, including those with the Bretton Woods institutions, almost close to severing all ties. After the fall of the communist regime, the normalization of the relationship led to a new beginning. As a partaker to these events, I can say that this process with the IMF and the World Bank was hardly an easy one, especially due to the lack of trust that had fallen over Romania's international economic relations. Part of the normalization of the relations with the international organizations was also joining the International Financial Corporation (IFC) – member of the World Bank Group in 1991.