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

is well anchored to serve the real economy, islamic finance offers distinct potential to achieve the goals of inclusive growth and financial stability. its foundations have been strengthened with the setting up of the ifsb and before that, the accounting and auditing organisation for islamic financial institutions ( aaoifi ), have taken the lead in setting the prudential and accounting standards for the industry. combined with continuous capacity building initiatives and institutional development, it has resulted in the opportunity to achieve scale and has allowed the islamic financial services industry to transition into a dynamic, fast growing and competitive form of financial intermediation for the global community. the ifsb today is celebrating its tenth anniversary in a world which is changing profoundly. a new growth and development agenda is unfolding before us. given the severe damage and devastation caused by the global financial crisis and the ensuing economic downturns, the road to an enduring recovery and lasting prosperity demands a global policy response that brings about a new economic trajectory built on a strong, more inclusive and more sustainable growth path. common challenges that have also come to the forefront, such as poverty, increasing inequality and the imperative for greater social cohesion, have also called for the construction of policy objectives and strategies that can enhance stability, social well - bis central bankers ’ speeches being and environmental sustainability. in the wake of the global financial crisis, there is consensus on the need for a return to financial systems that serve the real economy, and the demands for more responsible financial practices from the financial sector, that also includes the commitment to achieve socio - economic goals. in response, the international community is prioritizing financial stability by strengthening financial regulation. this includes financial reforms aimed at protecting depositors from excessive risk - taking, over - leveraging and unfettered innovation. the reform initiatives have also focused on enhancing capital and liquidity standards, reinforced by moves to strengthen the macro - prudential orientation of regulation to complement micro - prudential supervision to manage the risks arising from the interdependencies within the financial system. whilst the breadth of regulatory changes being considered collectively endeavor to strengthen financial system resilience, the key challenge for policymakers and regulators going forward is also to achieve inclusive and more sustainable growth, whilst ensuring financial stability. whilst islamic finance has benefited from a well - developed, more competitive and well regulated eco - system, it needs to build on and reinforce the solid foundations that has been achieved in this decade. as the industry transitions into a new era of growth and development