Opinion by Leonardo Badea, First Deputy Governor of the National Bank of Romania
For the Romanian economy and for maintaining the pace of convergence at European level, the quality of the institutional framework is of fundamental importance. In recent decades, international experience has shown that development differences between states are influenced not only by natural resources, geographical positioning, or other specific material advantages, but also by the robustness of public institutions, their capacity to transmit trust and ensure predictability, and the way in which they manage to facilitate the management by economic actors of risks, periods of tension and uncertainty.
