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Opening speech at the plenary meeting of the Center of Excellence in Finance Mugur Isarescu, NBR Governor

Esteemed Director Repansek,

Distinguished Members of the Governing Board,

Honoured colleagues,


It is my great privilege to welcome and address you all today, at the end of my mandate as Chair of the Governing Board of the Center of Excellence in Finance (CEF), on behalf of Romania. For me, it is an honour and a pleasure.


It would have been a joy to welcome you all in Bucharest, to share the same table for discussions, and I express my hope that, as vaccination campaign is progressing, we shall have this opportunity in the near future to meet in person and exchange views on the latest developments in the international financial system. Until then, this meeting has been well organized by Director Repansek and the CEF team and I acknowledge the endeavours for our online meeting.


I do believe it is important that we continue to keep a positive attitude and an open mind and I am glad that we are able to carry on the work within our organization, even during these unprecedented times. A positive part of the current situation is that the pandemic has helped to focus our minds on how best to move forward.


I would like to use this occasion to underline the ongoing cooperation between the National Bank of Romania and the Center of Excellence in Finance. As you know, last year, in 2020, we celebrated 140 years since the establishment of the National Bank of Romania, the 16th central bank in chronological order, globally. This year, the Center of Excellence in Finance celebrates its 20th anniversary. Preparing the best specialists and building expertise is in our core vision, as time favoured the construction of capacity and accumulation of knowledge in the field of finances and banking. From this aquis, we have a duty to build on and foster future learning, passing on the most valuable information to new generations.


I can assure you that the fruitful cooperation between the National Bank of Romania and CEF will stand proof for deepening our core commitments, contributing to the enrichment of the learning experiences within a strong framework coordinated by its remarkable members.


During our presidency of the Center of Excellence in Finance Governing Board, we have designed an agenda of events to raise awareness of the Center of Excellence in Finance’s mission and scope, focused on developing international cooperation and exchange of knowledge and best practices. The series of the CEF Coordinators Meetings led to excellent results in my view.


On behalf of the National Bank of Romania and myself, I express all the best wishes for you and your colleagues in each of your esteemed institutions.


Virtual meeting, Bucharest, 8 June 2021


On June 8, 2021 took place the plenary meeting of the Center of Excellence in Finance (CEF) Governing Board, organized by the CEF Governing Board, CEF Secretariat and the current President of the CEF Governing Board, Mr. Mugur Is?rescu, Governor of the National Bank of Romania for the period between June 11, 2020 and June 8, 2021. In the context of the coronavirus pandemic, the reunion has been organized as a video conference. Considering the rotating system of CEF Governing Board’s presidency, the next presidency is ensured by Slovenia, represented by the Slovenian Minister of Finance, Mr. Andrej Šircelj, whom the NBR Governor, wished every future success in continuation of CEF activity.


During the Romanian Presidency to the CEF Governing Board, a series of actions has been deployed, that aimed to develop the international relations for cooperation and exchange of expertise, to develop the human resources and the strategic management capacities in this field, as well as actions to promote Romania’s presidency in the context of the anniversary of 140 years since the establishment of the NBR and 20 years since the establishment of CEF.


The adhesion to CEF is open to any copuntry wishing to follow the commitments of this organization, the request being subject to CEF Governing Board’s approval, as the quality of membership does not imply any costs (membership fees). Romania is a member of CEF through the NBR and the Ministry of Public Finances. On September 3, 2013, by the new CEF Statute, CEF has become an organization of international public law. Romania has signed the new Statute on May 30, 2014. According to the CEF bylaws, the yearly rotating presidency to the CEF Governing Board is assigned to the next country member to CEF Governing Board, in alphabetical order of the official name, in English, at the expiration of the current mandate.