the p & l account. these companies too, can be affected by the contagion effect, for instance when their projections and cash flows are subject to repayment from other companies, with delays. to support these companies and to ease the access to finance, one needs to improve the policies and continue the financial reforms to create a more adequate and flexible frame for investments and the multiplier effect of co - financing. the european investment bank has been a strong pillar for this strategic economic development, channeling investments towards the crucial sectors of transport, digital infrastructure and the new technologies, education for skilled labour force, healthcare, or agriculture. the european investment bank contributes to creating the right mindset and responsible attitude of assuming calculated risks. it supports the communication of sound public policies and priorities for romania ’ s economic and social development, to continue and expand the european integration and economic convergence. ladies and gentlemen, concluding, i believe the challenge and the opportunity lie in the continuous efforts, the relentless endeavors and the implementation of strategic investment projects, fostering access to finance for ensuring the sustainable economic development in romania, as well as in europe. strong european cooperation, like the partnership between the european investment bank and romania, is the only way to bridge the gaps in investments, to reduce regional disparities and close on the imbalances that delay the long - term sustainable economic growth. i would like to wish you all a fruitful dialogue and i invite vice - president mcdowell to take the floor. thank you. 3 / 3 bis central bankers'speeches

mugur isarescu : the macroeconomic perspective in romania welcome speech by mr mugur isarescu, governor of the national bank of romania, at the romanian - czech business forum, bucharest, 20 may 2014. * * * your excellency, president zeman, you are most welcome here, at the national bank of romania, a place that holds within its walls countless pieces of history, tails of how romania has grown into a modern state. we are privileged to greet here, today. distinguished guests, ladies and gentlemen, allow me to extend a very warm welcome and thank you all for gracing us with your presence at the romanian - czech business forum. it is a great pleasure for the national bank of romania, and an honor for me and for the members of the board, to host what will be a substantial discussion about the challenges currently facing europe, in particular the development of economic relations between the czech republic and romania. here, at the national bank of romania, we take pride in having always been a forum for debating, in an open and profound manner, the themes and trends defining our age. a few weeks ago we celebrated the 134 - th anniversary of the romanian national bank, a central bank ranking 16 - th in the world. during the break, after the working sessions, you are kindly invited to visit / walk the outstanding halls of the old palace of our national bank. let me salute the presence of mr. jaroslav hanak, president of the czech confederation of industry, mr. karel novotny, deputy minister of the czech ministry of industry and trade and mr. bogdan pandelica, state secretary of the romanian ministry of economy. they will address the audience right after my brief remarks. i extend a warm welcome to his excellency mr. jiri sitler, the ambassador of the czech republic. the forum will focus normally on micro level, on real economy issues. allow me to say a few words about the macroeconomic perspective in romania, which is the main area of interest for central bankers. the macro perspective is relevant since is the canvas on which the picture of business relations is to be set up. no doubt the crisis has taken its toll on romania ’ s economy, given the large imbalances which had been steadily accumulating during the boom years. whether the crisis has ended or not at european level is still a matter of debate. what may be said for certain is that romania undertook the necessary adjustments during 2009 –