Mugur Isarescu
Encyclopedia
Mugur Isărescu (ˈmuɡur isəˈresku; born 1 August 1949) is the Governor of the National Bank of Romania. From 22 December 1999 to 28 November 2000 he served as Prime Minister. He is a member of the Romanian Academy
.
Born in Drăgăşani
, Vâlcea County
, he graduated in 1971 from the Academy of Economic Studies of Bucharest
. For the next 19 years, he worked for the Institute of International Economics.
After the Romanian Revolution of 1989
, he worked for the Ministry of Foreign Affairs, then for the Romanian Embassy in the United States
. In September 1990 he became Governor of the National Bank of Romania, a position that he has retained since (except for the short period when he served as Prime Minister
).
On 16 December 1999 Isărescu was sworn in as Prime Minister of Romania
, but only for about a year, since in November 2000, the ruling coalition lost the elections.
In November 2000 Isărescu ran for President of Romania
but was soundly defeated, coming in fourth place and receiving 9% of the vote.
Thereafter, he returned to the National Bank of Romania for another term as Governor.
Although he served only one year as Prime Minister
, Isărescu is considered to have started the reform process, continued later by Adrian Năstase
and Călin Popescu-Tăriceanu
. During his premiership, on February 15, 2000, Romania formally initiated negotiations with the European Union
(a process started by the Romanian application in 1995 and European Commission approval on October 13, 1999). As governor of the National Bank of Romania, Mugur Isărescu has coordinated Romania
's economic policy since 1990, being considered by some the hidden Prime Minister of the country.
Isărescu managed in 15 years of leadership at the National Bank of Romania to create and maintain a mysterious aura around the policies of the National Bank, and many pointed out that the agenda of the Bank remained independent from any Romanian Government. Many credit the National Bank team for saving Romania's economy
from a Bulgaria
n-type collapse, raising the national gold
and Euro
reserves beyond needs, cutting down inflation
to single-digit figures and introducing the New Leu
.
He is a member of the Club of Rome
, the Trilateral Commission
and a Grand Cross and Sash ranks of the Order of the Star of Romania
recipient.
In 2009, World Records Academy named him as the person with the longest head of a central bank
.
Romanian Academy
The Romanian Academy is a cultural forum founded in Bucharest, Romania, in 1866. It covers the scientific, artistic and literary domains. The academy has 181 acting members who are elected for life....
.
Born in Drăgăşani
Dragasani
Drăgăşani is a city in Vâlcea County, Romania, near the right bank of the Olt river, and on the railway between Caracal and Râmnicu Vâlcea. The city is well known for the vineyards on the neighboring hills that produce some of the best Wallachian wines....
, Vâlcea County
Vâlcea County
Vâlcea is a county of Romania, in the historical regions of Oltenia and Muntenia...
, he graduated in 1971 from the Academy of Economic Studies of Bucharest
Bucharest
Bucharest is the capital municipality, cultural, industrial, and financial centre of Romania. It is the largest city in Romania, located in the southeast of the country, at , and lies on the banks of the Dâmbovița River....
. For the next 19 years, he worked for the Institute of International Economics.
After the Romanian Revolution of 1989
Romanian Revolution of 1989
The Romanian Revolution of 1989 was a series of riots and clashes in December 1989. These were part of the Revolutions of 1989 that occurred in several Warsaw Pact countries...
, he worked for the Ministry of Foreign Affairs, then for the Romanian Embassy in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. In September 1990 he became Governor of the National Bank of Romania, a position that he has retained since (except for the short period when he served as Prime Minister
Prime Minister of Romania
The Prime Minister of Romania is the head of the Government of Romania. Initially, the office was styled President of the Council of Ministers , when the term "Government" included more than the Cabinet, and the Cabinet was called The Council of Ministers...
).
On 16 December 1999 Isărescu was sworn in as Prime Minister of Romania
Prime Minister of Romania
The Prime Minister of Romania is the head of the Government of Romania. Initially, the office was styled President of the Council of Ministers , when the term "Government" included more than the Cabinet, and the Cabinet was called The Council of Ministers...
, but only for about a year, since in November 2000, the ruling coalition lost the elections.
In November 2000 Isărescu ran for President of Romania
President of Romania
The President of Romania is the head of state of Romania. The President is directly elected by a two-round system for a five-year term . An individual may serve two terms...
but was soundly defeated, coming in fourth place and receiving 9% of the vote.
Thereafter, he returned to the National Bank of Romania for another term as Governor.
Although he served only one year as Prime Minister
Prime minister
A prime minister is the most senior minister of cabinet in the executive branch of government in a parliamentary system. In many systems, the prime minister selects and may dismiss other members of the cabinet, and allocates posts to members within the government. In most systems, the prime...
, Isărescu is considered to have started the reform process, continued later by Adrian Năstase
Adrian Nastase
Adrian Năstase is a Romanian politician who was the Prime Minister of Romania from December 2000 to December 2004.He competed as the Social Democratic Party candidate in the 2004 presidential election, but was defeated by centre-right Justice and Truth Alliance candidate Traian Băsescu.He was...
and Călin Popescu-Tăriceanu
Calin Popescu-Tariceanu
Călin Constantin Anton Popescu-Tăriceanu is a Romanian politician. He was the Prime Minister of Romania between 29 December 2004 and 22 December 2008...
. During his premiership, on February 15, 2000, Romania formally initiated negotiations with the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
(a process started by the Romanian application in 1995 and European Commission approval on October 13, 1999). As governor of the National Bank of Romania, Mugur Isărescu has coordinated Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
's economic policy since 1990, being considered by some the hidden Prime Minister of the country.
Isărescu managed in 15 years of leadership at the National Bank of Romania to create and maintain a mysterious aura around the policies of the National Bank, and many pointed out that the agenda of the Bank remained independent from any Romanian Government. Many credit the National Bank team for saving Romania's economy
Economy of Romania
Romania has a developing, upper-middle income market economy, the 11th largest in the European Union by total nominal GDP and the 8th largest based on purchasing power parity...
from a Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
n-type collapse, raising the national gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
reserves beyond needs, cutting down inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
to single-digit figures and introducing the New Leu
Romanian leu
The leu is the currency of Romania. It is subdivided into 100 bani . The name of the currency means "lion". On 1 July 2005, Romania underwent a currency reform, switching from the previous leu to a new leu . 1 RON is equal to 10,000 ROL...
.
He is a member of the Club of Rome
Club of Rome
The Club of Rome is a global think tank that deals with a variety of international political issues. Founded in 1968 at Accademia dei Lincei in Rome, Italy, the CoR describes itself as "a group of world citizens, sharing a common concern for the future of humanity." It consists of current and...
, the Trilateral Commission
Trilateral Commission
The Trilateral Commission is a non-governmental, non-partisan discussion group founded by David Rockefeller in July 1973 to foster closer cooperation among the United States, Europe and Japan.-History:...
and a Grand Cross and Sash ranks of the Order of the Star of Romania
Order of the Star of Romania
The Order of the Star of Romania is Romania's highest civil order. It is awarded by the President of Romania...
recipient.
In 2009, World Records Academy named him as the person with the longest head of a central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
.