A deal in the market is inevitable, and that’s how the price is set: you clap your hands and set the price. The investigation of the Competition Council is proceeding normally. Now I realize that my concern is that the banks will agree that interest rates are too high. They cannot be too high when they are half the inflation rate, Mugur Iserescu said on Monday during the presentation of the Inflation Report.

What else did the governor of the BNR say:

• It is the saver, not the borrower, not the credit user, who is now paying for this way out of the financial repression we have been in for the past few years. And if we talk about the discussions that we conduct in the public space, then it is also worth looking at. He is the one who loses massively: with inflation at 16%, giving him interest of 1-2% is not enough. I noticed that they took phones, computers… Well, they are talking to each other, what to do? To communicate through signs, through telepathy..?

• Those who want to take loans need to make some calculations. And one more thing that was reported in the National Bank: not everyone can take a loan for real estate. We have rules that we introduced, discussed them, he complained then, but forgot that they are used now. Lending norms do not allow anyone to take a loan, and also limit the level of lending. The risk factor is also calculated – an increase in the interest rate. These rules exist and reduce the risk that those who do not have the financial capacity to find themselves in a situation of non-performing loans. What would affect their situation, and the social situation in the country, as well as the situation in the banking system. Because I remember how many discussions were related since the introduction of these rules. But why don’t you let people take loans and so on. I want to remind you that they were accepted and now it is noticeable how happy they are.

• You can see that this 3-month Robor is no longer a money market indicator or not only a money market indicator. I personally have nothing to reproach them as an indicator of monetary policy. It’s just like a survey. But survey money. Unlike a poll like: Who will you vote for next year? This is for money, because at the moment when the quotation is passed and someone comes to him and says: in 3 months we will give money at this level, he is obliged to give it! And so with the responsibility of Roborul for 3 months. But the Romanian law and parliament in 2011 gave another function; pegged floating rate loans to that 3-month ROBOR, and so it became an indicator with a lot of social power, a social indicator. Pay attention to this 3-month-old Robor, because he has another function…. When you see a mass of discontent in the media, at least come out and explain. Don’t leave it to us at the National Bank to explain.

• I would like Romanians not to risk taking loans in euros. We follow general advice on borrowing in the currency in which you earn your money. So, if Romanians have a salary in euros or a foreign currency or a salary in lei indexed to the euro rate, they can borrow in euros. If they are paid in lei, we do not recommend… Movements in the foreign exchange market mean flexibility, but flexibility in both directions. If you take a loan for 20 years in euros, you are tied to the euro for 20 years and you don’t know how the exchange rate will change and what will happen when Romania enters the eurozone…?

• At the same time, we aim to maintain the level of economic growth in Romania, because the recession is also not suitable for fiscal correction. A recession has a negative impact, at least in my estimation, on tax revenues. And then the fiscal adjustment that must continue to get out of the excessive deficit position will become much more difficult. Any idea of ​​raising taxes faces difficulties, mainly political ones.

Watch the entire conference of the Vice-Chancellor of the BNR below: