tradition fostering public policy progress and development related to the monetary policy and the banking sector in romania, in partnership with the academia, shaping a solid foundation. 1 / 2 bis - central bankers'speeches today, as it was back in 2014, we convey encouragements to approach the specific economic issues of the romanian economy and society in your researches, to take stance in public debates on topics of high economic relevance, to include viewpoints from the local academic environment, as well as from the institutional policy makers, to have a holistic view and a wide angle on key aspects for economics and society overall. practical experience and economic expertise are gained only via a strenuous work, diligence and acumen on the relevance of research for public policy decision making. national bank of romania has always supported the endeavours for quality research as a credible source of economic policy advice. our economists have always contributed with valued results of their research, focused mainly on aspects that are particular to the romanian economy. the program of the conference is paramount to central banking. the papers on inflation drivers, on econometric modelling, on foreign exchange rates, on corporate finance and investments, on fiscal rules, on the economics of the green transition carbon neutral footprint, on central bank independence and implications for the fiscal - monetary interplay, as well as on new digital assets, among other topics on the agenda, open wide avenues for research. the conference is also a forum of exchanging ideas. the social networking and the side events will give you the opportunity to explore romania more closely, to discover, rediscover and connect with the romanian society. on this note, allow me to conclude by saying to our romanian fellows welcome home and to wish every future success for the ermas conference on the occasion of this anniversary and to you all, fruitful debates and a memorable time in romania! 2 / 2 bis - central bankers'speeches

mugur isarescu : closing remarks - eurofi high level seminar closing remarks by mr mugur isarescu, governor of the national bank of romania, at the eurofi high level seminar 2018, bucharest, 27 april 2018. * * * i am honored to be invited to give a few closing remarks at this eurofi conference. eurofi has turned, over the years, into a major european event that deals with financial issues. the great recession compelled governments and central banks, regulators and supervisors of finance, to put into motion a radical reform of the ways financial industry does function. i do not wish to bother you with remarks that repeat what seems to have become a new conventional wisdom. however, it is never redundant to remember that oversize, too high leverage, unconstrained and reckless risk - taking, dangerous financial products, insufficient transparency, and, not least, poorly understood systemic risks, have forced the content and the pace of reforms. the european institutions created a new regulatory framework after the eruption of the crisis. the european systemic risk council ( esrb ) represents the attention we all give to interconnectedness, to systemic risks that show up in financial markets. not long ago, our widely embraced practices and thinking in central banking, in the regulation and supervision of finance, seemed like indestructible building blocks. the expansion of shadow banking, fintech, nonconventional threats under the appearance of cyber - attacks, tail events in general, keep us vigilant and ask from us open - mindedness and constant reexamination of our beliefs. there is much in the evolution of financial markets which provides puzzles ; i am referring to the persistence of very low inflation in spite of large scale qes, the flattening of the philips curve, the emergence of parallel currencies, etc. there is also a revival of attempts to control capital flows under the embodiment of macro - prudential means and a growing concern of central banks with financial stability. as a matter of fact, quite often, financial stability seems to have become the dominant goal of central banks in our turbulent times. developments in the eu, which are pertinently reflected by the sessions of this eurofi conference, indicate that, in spite of major progress achieved in redoing the regulation and supervision of finance, still much needs to be done. some of the problems we do encounter are linked with the legacy of the crisis and the years that preceded it. it would