mugur isarescu : the history of the romanian monetary system in a european context opening speech by mr mugur isarescu, governor of the national bank of romania, on the occasion of the inauguration of the euro exhibition at banca nationala a romaniei, bucharest, 10 march 2011. * * * dear mr gonzalez - paramo, your excellencies, distinguished guests, it is an honour for us and we are glad to welcome you today, at the opening of an exhibition not only educational and attractive, but also relevant considering romania ’ s euro adoption. we do hope the euro exhibition that the national bank of romania is hosting, on behalf of romania, will prove successful all the more so as our country is destination no. 10 of the european central bank ’ s travelling exhibition. let me thank mr. jose manuel gonzalez - paramo for accepting to jointly launch the euro exhibition today in bucharest where it will be open for about three months, here, in the old financial centre of bucharest where the romanian leu was born. the leu - euro relation is thus acquiring a symbolical dimension with a certain meaning in the current european context. the reference to the european context is neither conventional nor formal. it reveals that the romanian leu is one of the strong historical bonds that put our country on the european map. its roots in the olden leeuwendaalder or the dutch lion - thaler show not only its descent from the former dutch coin ( and therefore its being related to the us dollar ), but also its european dimension as ever since its birth, shortly after the creation of the modern romanian state, our leu currency was french. this means that the 1867 monetary law was designed in terms of the latin union, most of all france. the law stipulated that metal coins should be minted in french style. but our bonds with europe were broader as the law set forth that the gold and silver coins issued by france, belgium, italy and switzerland ( all members of the latin union ) should be accepted by all exchange houses, along with the romanian ones. thus, romania ’ s european aspirations were strongly asserted, while spreading to germany through king carol i of hohenzollern, whose effigy was placed on the first romanian gold and silver coins, and to spain, mr. gonzalez - paramo, via its latin spirit. ladies and gentlemen, it is my pleasure to restate here with you what i have often underlined throughout 2010 when we

investment decisionmaking and risk management processes. going forward, premised on security, liquidity and value preservation and appreciation, it will be our long - term objective to invest foreign exchange reserves sustainably. we 4 / 5 bis - central bankers'speeches will continue to implement the esg concept in the course of investment and enhance the depth and width of esg investing and risk management. in addition to stepping up green bond investment, we will take active steps to try making sustainable investments through entrusted investment, cooperation with international financial organizations, or outbound direct investment via equity investment institutions such as the silk road fund. and we will improve the framework for the analysis and assessment of risks posed by climate change to reserves investment. china will strengthen international exchanges and cooperation on foreign exchange reserves management, firmly support worldwide green low - carbon development, and work together with the international community to promote global climate governance and foster a community of life for man and nature. ladies and gentlemen, as proved by the development of china's financial market, unswervingly carrying out reform and opening - up is a strong driving force and important guarantee for the realization of china's financial market development that is based on market principles, governed by law and up to international standards. it is also key to enhancing the international competitiveness of china's financial market as well as its capabilities to serve the real economy. we will better coordinate development and security, make coordinated planning for capital account liberalization, two - way opening - up of financial markets and rmb internationalization, improve the liberalization and facilitation of cross - border trade and investment, and effectively guard against shocks from cross - border capital flows. by so doing, we will safeguard financial stability and national economic and financial security, support the new systems for a higher - standard open economy, and promote the development of shanghai as an international financial center. thank you. 5 / 5 bis - central bankers'speeches