Esteemed Ministers and Governors,

Honoured colleagues,

Distinguished staff,

It is my pleasure to meet with you virtually today and, at the same time, I am grateful that even during this unprecedented times, we are able to carry on the work within our organization. I would like to thank our hosts for making this virtual meeting possible. Let me congratulate my dear friend, Governor Radoje Zugic, and the colleagues from the Central Bank of Montenegro for a successfully rotating presidency of the Governing Board of the Center of Excellence in Finance (CEF), a knowledge hub for the region.

I am honoured to assume the chairmanship of the Governing Board of the Center of Excellence in Finance and to work together with you in finding the best, comprehensive and coordinated packages of measures for counteracting the negative effects of COVID-19 pandemics; and continue the activities of our center.

It is my hope that mankind will emerge stronger after such a crisis and history is our testimony that central banks and finance ministries have always exerted their full functions within mandate to support countries and people to overcome the economic effects of wars, catastrophes and disasters. Today makes no exception. The outstanding cooperation within the framework of the Center of Excellence in Finance stands as proof for deepening our commitments that bind us all.

The fruitful cooperation between the National Bank of Romania, the Ministry of Public Finance in Romania and the Center for Excellence in Finance has enhanced the knowledge of finance officials in our country (through learning). The Center of Excellence in Finance’s capacity of understanding regional challenges and responding to them, while focusing on country specifics in implementation, are the key success factors of the Center of Excellence in Finance operations and we will continue to concentrate on these values.

I am confident that where challenges emerge, opportunities arise as well. These times are a serious test for our countries and for the financial system worldwide. We are all facing significant challenges at this moment and sharing specific solutions and their outcomes within this forum is of real help and useful for each of us.

On a happier note, it is with pride to affirm that this year, the National Bank of Romania celebrates 140 years since the establishment of our institution - the sixteenth central bank in the world, in chronological order of the establishment.

Please receive, on behalf of the National Bank of Romania and myself, all the best wishes for you and your colleagues in each of your esteemed institutions. May we see each other again in good health and optimistic at the next Annual Meeting of the Center of Excellence in Finance Governing Board in Bucharest!

Virtual meeting, Bucharest, 11 June 2020.