It was no more than six months ago when, speaking to The Banker, Mugur Isarescu, the governor of National Bank of Romania (NBR), the central bank, warned of “a continuous pressure on fiscal policy” and the risk of not having continuity in disinflation.
Since then, Romania has gone through changes that have overshadowed the euphoria of joining the EU in January. The reshuffle of the government in April, followed by the impeachment of president Traian Basescu and the referendum that reinstated him, effectively put reforms on hold.
