further in 2021, to 19. 6 percent in december from 19. 0 percent in november, also backed by government programs, with their share in total thus widening to 72. 4 percent. nowadays, as many other eu member states, romania is preoccupied by the geopolitical and energy situation and their considerable impact on inflation. inflationary shocks on the energy components of the consumption basket hit repeatedly throughout second half of 2021. these were partly offset by a government support scheme, in effect from november 2021. nevertheless, the energy component still accounted for more than half of the overall annual inflation rate by the end of 2021. it is a fact now that approximately 85 percent of the cpi has root in the energy price surge. therefore, the inflation expectations on the 1 - year horizon have risen sharply, reflecting current developments. the positioning of the 2 - year ahead expectations close to the target variation band suggests that the anchoring mechanism is still in place. however, specific measure to address energy situation is a need. uncertainties continue to stem from the evolution of the pandemic as well, given the current wave, triggered by the more contagious omicron variant of the coronavirus although the variant seems to be less virulent. this implies a lower and abating severity of related restrictions, including in many european countries. as always, nbr will continue to use all policy tools to control inflation and to be supportive of the recovery of economic activity. by doing the work on our side, with a “ balancing act ” we also hope to support improvements in firms ’ sentiment with positive effects on longer term economic development. with these in mind, i would like to invite our honored guests and audience to have a fruitful 2 / 3 bis central bankers'speeches discussion. i hope that we will be able to see each other in person at next year ’ s edition. as for now, i trust that this virtual environment proves to be an adequate opportunity for promoting productive debates and exchanges of ideas. please allow me to invite vice - president thomsen to take the floor. thank you for your attention. 3 / 3 bis central bankers'speeches

mugur isarescu : policy support and the emerging “ new normal ” how well - positioned are romanian firms? opening speech by mr mugur isarescu, governor of the national bank of romania, at the european investment bank ( eib ) webinar “ investment and investment finance in romania ”, 23 february 2022. * * * vice president thomsen, distinguished audience, ladies and gentlemen, welcome to this year ’ s webinar organized by the european investment bank in partnership with the national bank of romania, titled „ policy support and the emerging “ new normal ” : how well - positioned are romanian firms? ”. i am delighted that so many of you could join us virtually this morning. today, as we are shifting to a new phase of the global pandemic ( and hopefully the last one ), we will discuss the latest developments in investment and investment finance in romania. we will try to provide an overview of what is needed in order to use the economic recovery as a springboard for change and transition to a more digital and greener economy. please allow me to extend a warm welcome to vice - president christian kettel thomsen and his colleagues from the european investment bank, including chief economist debora revoltella and ms. lara tasan zanin, the head of the eib office in bucharest. i would also like to express our appreciation for the eib ’ s continuous involvement and support in engaging with stakeholders in romania through this valuable series of events. romania and the european investment bank share a long and fruitful partnership that has favored investments in important sectors of our economy. i consider there is large space for this partnership to expand, also based on new challenges from the european agenda. as always, this event centers around the eib ’ s investment survey, an excellent country analysis conducted by eib experts. the conclusions of this survey represent a welcome addition to those of our central bank ’ s own survey on the access to finance of non - financial corporations in romania. our survey captures the opinions of the real sector on : ( i ) the most pressing problems that firms are facing in their activity ; ( ii ) the perception on the financing cost ; ( iii ) the perception on the implications of a possible appreciation / depreciation of the local currency ; ( iv ) the perception on the impact of climate change. coming back to the eib, its investment report analyzes the state of investments in the eu in the pandemic, climate change