During 13-15 May 2018 a delegation of the National Bank of Romania (NBR), led by Governor Mugur Isărescu, participated to the 39th Meeting of The Central Banks Governors’ Club of The Central Asia, Black Sea Region and Balkan Countries that took place in Bodrum, Turkey.
The Club was set up in 1998 with the aim of intensifying the economic and financial cooperation of the member countries, especially in the banking sector, and the NBR was one of its founding members.
The Club meeting in Bodrum was attended by representatives of the member central banks and the European Central Bank (ECB), as well as other international financial institutions, such as the International Monetary Fund and the Bank for International Settlements. On this occasion, the central bank from Hungary joined the Club, bringing the total number of its members to 261.
Among the topics discussed during the meeting were aspects related to the global economic outlook and financial conditions as well as the challenges and opportunities related to central bank digital currencies.
Governor Isărescu delivered a speech in the first session of the meeting on Global Economic Outlook and Financial Conditions.
On the highly current and controversial topic of virtual currencies, the keynote speech was delivered by Mr. Yves Mersch 
“Virtual currencies ante portas” – Member of the ECB Executive Board, was a very welcomed one, touching on aspects such as the lack of liability in the case of virtual currencies (as compared to the trust in central banks that is created and sustained by legal safeguards) as well as their shortcomings related to the main functions of money: verifiable asset, medium of exchange, unit of account and store of value. Mr. Mersch also elaborated on the potential risks the virtual currencies pose to the financial stability, which are too small to be of systemic importance for now, as well as possible regulatory actions or restrictions and concluded that although they cannot be used as money the technology behind it may become useful and widespread.
Concluding the Club meeting in Bodrum, the NBR, as a founding member, was invited to chair and host the following meeting. This anniversary edition, the fortieth, will be organized by the NBR in Bucharest, in September 2018. The NBR has previously organized meetings of the Club during 2003-2004, when the NBR Governor also chaired the Club.
1 Albania; Armenia; Azerbaijan; Belarus; Bosnia – Herzegovina; Bulgaria; China; Croatia Czech Republic; Georgia; Greece; Hungary; Israel; Kazakhstan; Kyrgyz Republic; Macedonia; Moldova; Montenegro; Poland; Romania; Russia; Serbia; Slovenia; Tajikistan; Turkey; Ukraine.