Mugur Isărescu | |
|---|---|
.jpg) Isărescu in 2025 | |
| Prime Minister of Romania | |
| In office 22 December 1999 – 28 December 2000 | |
| President | Emil Constantinescu Ion Iliescu |
| Preceded by | Alexandru Athanasiu(Acting) Radu Vasile |
| Succeeded by | Adrian Năstase |
| Governor of the National Bank of Romania | |
| Assumed office 28 December 2000 | |
| Preceded by | Emil Iota Ghizari(ad interim) |
| In office 4 September 1990 – 22 December 1999 | |
| Preceded by | Decebal Urdea |
| Succeeded by | Emil Iota Ghizari(ad interim) |
| Personal details | |
| Born | (1949-08-01)1 August 1949 (age 75) Drăgășani,Vâlcea County,Romanian People's Republic |
| Political party | Independent |
| Spouse | Elena Isărescu |
| Children | 2 |
| Alma mater | Bucharest Academy of Economic Studies |
| Awards | Order of the Star of Romania, Grand Cross rank |
Constantin Mugur Isărescu (Romanian pronunciation:[ˈmuɡurisəˈresku]; born 1 August 1949) is the governor of theNational Bank of Romania, a position he has been holding since September 1990, with the sole exception of a period of time of one year (22 December 1999 to 28 December 2000), during which he served asPrime Minister of Romania. In addition, he is also amember of the Romanian Academy.
Isărescu was born inDrăgășani,Vâlcea County,Romania. His father was a school teacher who, after the establishment of theRomanian People's Republic, studied at theAcademy of Economic Studies inBucharest (ASE), worked as a bank executive during the 1950s, and then was a professor of accounting for 20 years.[1]
Isărescu studiedinternational trade at the Academy of Economic Studies in Bucharest, which he graduated in 1971,[1] and where he was anassistant professor between 1975 and 1989.[2] In 1989, Isărescu defended his Ph.D. thesis onexchange rate policies under the supervision ofCostin Kirițescu.[2]
For 19 years, he worked as a researcher for theInstitute of International Economics. He took a number of courses in the United States, writing several papers oncapitalist economics.[1] Isărescu claims it was as if he prepared for 20 years for the 1990 moment.[1]
During this period he gave notes under several aliases to the Communist Secret Services about ladies with different problems, about colleagues at the institute, and about the foreigners he was meeting. One alias Isărescu used to sign the information notes to theSecuritate was "Manole".[3]
In February 1990, after theRomanian Revolution of 1989, he began working for the Ministry of Foreign Affairs.[2] In March 1990, he was sent to work as an economic and monetary affairs secretary at the Romanian Embassy in theUnited States,[4][1] being in charge of handling Romania's relations with theInternational Monetary Fund and theWorld Bank.[2]
He expected that Romania would need IMF help within a couple of years, but he was surprised to find that the government depleted theforeign-exchange reserves within six months and, as such, he was recalled to Romania in July 1990 to head the National Bank.[1]
In September 1990, he was named Governor of theNational Bank of Romania by the Romanian government.[4] During the early years, he negotiated several agreements with the International Monetary Fund.[1] His mandate was renewed by theParliament of Romania in 1991, 1998, 2004, 2009, 2014, 2019 and 2024.[4]
According to aWorld Record Academy article, Isărescu managed in 19 years of leadership at the National Bank of Romania to create and maintain a mysterious aura around the policies of the National Bank, and some pointed out that the agenda of the Bank remained independent from anyRomanian Government. The same article states that some credit the National Bank team for savingRomania's economy from aBulgarian-type collapse, raising the nationalgold andEuro reserves beyond needs, cutting downinflation to single-digit figures and introducing theNew Leu.[5] In 2009, the World Record Academy named him as the longest-serving governor of acentral bank.[5][6]
He was involved in a series of legislative debates regarding some consumer protection laws, as "datio in solutium" andSwiss franc toRomanian leu conversion, when he had a pronounced role, strongly supporting banks against Romanian debtors, in last two years.[7]
In 1999, Isărescu was asked to become Prime Minister of Romania, which he accepted on the condition that he could return to the National Bank after it was over.[1] Then-PresidentEmil Constantinescu agreed with the terms[1] and on 16 December 1999 Isărescu was sworn in asPrime Minister of Romania, but only for about a year, since in November 2000, the ruling coalitionlost the election.
In November 2000 Isărescuran forPresident of Romania but was soundly defeated, coming in fourth place and receiving 9% of the vote. Thereafter, he returned to theNational Bank of Romania for another term as governor.
Although Isărescu served only one year asPrime Minister, Isărescu is considered[by whom?] to have started the reform process[clarification needed], continued later byAdrian Năstase andCălin Popescu-Tăriceanu. During his premiership, on February 15, 2000, Romania formally initiated negotiations with theEuropean Union (a process started by the Romanian application in 1995 and European Commission approval on October 13, 1999[8]). As governor of theNational Bank of Romania, Mugur Isărescu has coordinated Romania's economic policy since 1990.
Isărescu was considered several times between 2009 and 2012 as a suitable replacement forEmil Boc asPrime Minister of Romania. Isărescu declined the offer from PresidentBăsescu, refusing to re-assume his former office in order to remain Governor ofBNR.
Isărescu is a recipient of the Grand Cross and Sash ranks of theOrder of the Star of Romania.
TheRomanian Royal Family awarded him the title of Honorary Knight Commander of theOrder of the Crown.[11]
| Election | Affiliation | First round | Second round | ||||
|---|---|---|---|---|---|---|---|
| Votes | Percentage | Position | Votes | Percentage | Position | ||
| 2000 | Independent (supported byCDR 2000) | 1,069,463 | 9.5% | 4th | |||
| Political offices | ||
|---|---|---|
| Preceded by Alexandru Athanasiu Acting | Prime Minister of Romania 1999–2000 | Succeeded by |
| Government offices | ||
| Preceded by Decebal Urdea | Governor of the National Bank of Romania 1990–1999 | Succeeded by Eugen Ghizari Acting |
| Preceded by Eugen Ghizari Acting | Governor of the National Bank of Romania 2000–present | Incumbent |
| International | |
|---|---|
| National | |
