october 2010 representatives of the finance ministry, is a solid proof for the fact that we care about are strongly interested in the future of our country within the euro zone. nevertheless, it is of utmost importance to ensure coherent policies and a sustained reform pace to render our endeavour sustainable so as the euro adoption becomes certain as close as possible to 2015. getting back to the euro exhibition, which has arrived in bucharest shortly after estonia, the 17th country to join the euro area, i want to underscore once again the ecb ’ s efforts to raise awareness of romanians and other eu citizens about the single currency, as well as its history, role and symbols. from today until the end of may, romanians have an opportunity to find out more about the currency we strive to adopt. starting with the history of money to the production of euro banknotes and on to the security features and the educational games in the kids ’ corner, all visitors will definitely find useful information displayed in an attractive manner. for the nbr, the euro exhibition is yet another opportunity to strengthen our external communication activities, to get closer to the public at large and to open the doors of our institution in a special context : consolidating the steps towards full integration in europe. let me end by thanking all of you here today. i now give the floor to mr. jose manuel gonzalez - paramo to share with us his thoughts about the exhibition. bis central bankers ’ speeches

; take this right away and the country is left to the mercy of the winds. for all these reasons, in the context of extensive debates internationally on the importance of central bank independence – debates that i am aware of and i am not contesting –, i plead for the independence of central banks, but also for an institutional balance between central banks and fiscal authorities, as parts of the executive power. macroeconomic stability – a key prerequisite for sustainable economic and social development – is ensured when there is a balance between the monetary policy and the fiscal policy. altering the well - established institutional rapports, in times of crisis, may pose a serious risk for the future. the successful implementation of postpandemic measures, when the priority will be a return to economic and social normality as fast as possible, hinges on the extent to which macroeconomic stability is preserved. when i speak of independence i do not see the central bank secluded in an ivory tower, but working actively, and combatively, under the law, with the fiscal authority, with the government. based on my experience, i do not think there is a better alternative to a balanced, coherent fiscal and monetary policy mix. and central bank independence implies accountability vis - a - vis the law, the mandate, the society. or, in the words of 19th - century romanian writer and politician costache negruzzi, the central bank needs to ‘ stand accountant ’ for what it does. by encroaching upon central bank independence, in favour of political decisions seeking shortterm electoral gains, the real costs will be borne from an economic and social perspective, in the long run, by the entire country. a recent study published by the european central bank, titled the case for central bank independence, shows that – while the de jure independence has largely remained intact – the de facto independence has deteriorated in almost half of the sample of central banks under review. this is a fact and, for me, it is a matter of concern. i shall not comment on it. looking at central banking history that spans more than three centuries, i hope this is part of the long cycle of ups and downs in terms of central bank independence. ladies and gentlemen, in romania, the initial economic impact of the pandemic was strong, compounding the existing imbalances and the depreciation pressures on the domestic currency and entailing higher liquidity needs. consequently, the immediate objective of our central bank was to maintain