New Approaches In Monetary Policy Matters Of The National Bank Of Romania (Nbr) Following The Outbreak Of The International Financial Crisis

The monetary issue is a current one, given the fact that now, through this component of the economic policy, the monetary authority of each state tries to solve the problems considered essential for each economy separately. Through this article I will try to capture the main changes that have been made regarding the implementation of the monetary policy of the NBR following the international financial crisis. The fact is that the National Bank of Romania’s approach has changed, in the sense that the objective of targeting the inflation has become a secondary one and the actions for supporting the economy and the Romanian banking system have taken the first place. Thus, we showed that approaches of the National Bank of Romania before and after the financial crisis. Thus, we observed the opposite sense in using the main monetary policy instruments, namely encouraging liquidity absorption from the market before 2008, through practicing high levels of the reference rate and of the minimum mandatory reserves and through encouraging the liquidity provision in the market after 2008 by gradually reducing the benchmark interest rate and the mandatory reserve ratio. At first sight the purpose of this new approach is obvious, namely credit growth for an economic recovery. This is possible under the conditions that these loans are addressed to the corporations directly productive that can contribute to achieving this goal. In Romania, however, these measures had as a result a significant increase of the loans granted to the state, an aspect that contributes to indebtedness of the economy and not to its recovery.