Coordinates of National Bank of Romania Reform

The reform process of the National Bank of Romania has started sixteen years ago since the communist regime was eliminated. The perspectives of Romania’s EU accession enforced this process and the NBR accounted performances in targeting its objectives. In this study we underline the challenges and consequences of Romanian central bank reform. In spite of a central bank independence, sometimes between monetary and fiscal polices there are no correlation. That’s why we propose the multiannual budgeting as a correspondent in fiscal policy for inflation targeting monetary policy framework. Also we assess the consequences of Basel II implementation for Romanian banking system and, especially NBR responsibilities.