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a candle for my son!

Mugur Isarescu, Governor of the National Bank of Romania

Mugur Isarescu
Former Prime Minister
Governor of the National Bank of Romania

Born on August 1st 1949 in Dragasani, Vālcea County

Civil Status: married, 2 children - Costin and Lacramioara

Religion: Christian Orthodox

Nationality: Romanian

Citizenship: Romanian


  • 1971 – graduates  the Academy of Economic Studies, Bucharest, specialized in international economic relations
  • 1989 – becomes Ph.D. in Economics at the Academy of Economic Studies, Bucharest, with the thesis “Policies of Exchange Rates”

Professional activity

  • 1971-1990 - Senior Researcher and Head of research team with the World Economy Institute in Bucharest
  • 1975-1989 - Assistant Lecturer at the Academy of Economic Studies (finance and foreign currency, international economic relations)
  • 1980-1989 - Lecturer at the Academy of Economic Studies,  Bucharest. Lecturer for specialization in finance and foreign currency for the Ministry of Foreign Affairs, the People’s University in Bucharest and  “Alexandru Ioan Cuza” University in Iasi
  • 1990 - Diplomat, Romanian Embassy in the USA
  • 1990, September - the first democratic government elected after the fall of communism appoints him Governor and Chairman of the Board of Directors of the National Bank of Romania , with a mandate to conceive and to put into practice the reform of the banking system
  • 1991, July - the Romanian Parliament appoints him Governor of the National Bank of  Romania for 8 years, based on the new laws on banking; he is also appointed Governor for Romania in the IMF Council of the Governors and Vice-Governor for the World Bank Council of Governors
  • 1993 - member of the Rome Club; elected Chairman of the Romanian Association of the Rome Club
  • 1993 - founding member of SOREC
  • 1994-1996 - professor at the West University in Timisoara, Finance Department, discipline: Monetary Policies
  • 1995 - member of the board of the Romanian-American Fund
  • 1995 - professor at the Academy of Economical Studies in Bucharest, Finance Department, discipline: Monetary Policies
  • 1996 - chairman of the Romanian Chess Association
  • 1997-1998 - elaborates and presents the Parliament with a set of improved banking laws, harmonized with the EU laws
  • 1998 - vice-chairman of the Club of the Governors of the Central Banks in the Balkans, Black Sea area and Central Asia
  • 1998 - head of World Economy Institute in Bucharest
  • 1998, September - honorary member of the Club of the dealers in the monetary and currency markets in Romania, the Forex Club
  • 1999, December - appointed for a new 5-years mandate as Governor of the National Bank of Romania following the vote of the Parliament
  • 1999 - re-elected Chairman of the Romanian Association of the Rome Club
  • 1999, December 21st - 2000, December - Prime-Minister of Romania
  • December 2000 - returns to National Bank of Romania as Governor

Main published works

  • The External Debt (Bucharest,1977)
  • Financial Business and Bankruptcies in the Capitalist World (Cluj,1979)
  • Methodology for the Prognosis of Exchange Rates (Institute for World Economy, Bucharest, 1981)
  • Policies and Determining Elements for the Exchange Rate (World Economy Institute in Bucharest, 1981)
  • The Myth of Gold and Reality (Iasi,1981)
  • Inflation in Romania Between the Wars (New York,1981)
  • The Management in International Trade (World Economy Institute in Bucharest, 1982)
  • Commodities Exchange and the Stock Exchange (Bucharest,1982)
  • The Current Account and the Foreign Balance of Payments (World Economy Institute in Bucharest, 1985)
  • The Balance of Payments and the Macro-economical Indices (Bucharest,1986)
  • Monetary and Financial International Issues (BNR, Bucharest, 1986)
  • International Monetary Relations (Institute for World Economy, Bucharest, 1989)
  • Development in Romania in Recent Times (Federal Reserve Bank, USA,1990)
  • Report on Currency Status in Romania and the Necessary Measures for Stabilization of the Leu (BNR, Bucharest,1992)
  • Romania After the Tyranny – Westview Press, USA, 1992
  • Monetary Policy, Macro-economical Stability and Reform of the Banking System in Romania (BNR, Bucharest,1995)
  • The Banking System in Romania: Recent Developments and Perspectives (BNR, Bucharest,1996)
  • Reform of the Financial System in Romania and European Integration (BNR, Bucharest,1996)
  • Inflation and the Basic Balances of Romanian Economy (BNR, Bucharest,1996)
  • Monetary Policy after 1989: Part VI of “The Money System of the Leu and its Forerunners”, Tome III, by Costin Kiritescu (Bucharest, 1997)
  • Convergence and Sustainability; Problems and Ways of Achieving Them (BNR,November 10th 1998)
  • The Bank and the Banker (Academica,1999)
  • Romanian Economy Towards the Year 2000 (BNR,Bucharest,1999)
  • Romania: A Long Term Perspective. Relaunching the Economic Growth, Rome Club Seminar (Academica, 1999)
  • Managing Crisis in Global Economy, a Challenge for the Monetary Policy. The Case of Romania, Rome Club Symposium (Bucharest,1999)

Foreign languages

  • English


  • chess, history, growing the vineyard

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