“We had no other solution to contain the rise in energy prices, except to create a buffer on the exchange rate,” the head of the National Bank of Romania said on Wednesday at an event to mark the presentation of two volumes of his works. This is Central Banks and the Calibration of Monetary Policy and the English version, both published by Curtea Veche Publishing.

What else did the governor of the BNR say on Wednesday:

• When you talk about monetary policy, most people only mean the interest rate. There is also the interest rate, but there are also liquidity controls, minimum reserve requirements, the interest rate and “moral persuasion”, talk and the power of persuasion with words

• More recently, the goal of stability and macroprudential policy has appeared in connection with monetary policy instruments.

• I was worried when the lei went up in price. Because even if it ever comes back, you risk killing a ton of exporters. Companies may be dissolved, and people from them will go to other places. And when you want to restore them, you see that you no longer have the necessary labor. The issue of evaluation is, of course, very serious.

• We had no other solution to contain the rise in energy prices than to establish an exchange rate buffer.

There will be interventions at the event Valentina Lazeyachief economist of the BNR, Lucian Angel, university employees, faculty of management at SNSPA, Merry Christmasdirector of BCR Pensions and Florian Libokorchief economist of BRD-Societe Generale.