Europe

National Bank of Romania

Too few recent speeches for a current tone.

Speeches: 75
First speech: Mar 30, 2005
Latest speech: May 7, 2026
Tone vs coming rate moves: Not tested; too few speeches or no published rate

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
May 7, 2026	Cosmin Marinescu: Financial literacy - from financial education to financial sustainability Cosmin Marinescu	+0.03
Mar 30, 2026	Mugur Isărescu: South-east Europe's next leap forward Mugur Isarescu	+0.10
Oct 21, 2025	Cosmin Marinescu: Opening speech - Central and Eastern European Annual Payments Forum Cosmin Marinescu	+0.11
Sep 19, 2025	Cosmin Marinescu: Speech - "New technology for old markets" conference Cosmin Marinescu	+0.14
Jul 30, 2025	Leonardo Badea: Opening speech - 11th edition of the Annual Scientific Conference of the Romanian Academic Economists from Abroad (ERMAS) Leonardo Badea	−0.05
Jul 24, 2024	Mugur Isărescu: Opening speech - tenth edition of the Annual Scientific Conference of the Romanian Academic Economists from Abroad (ERMAS) Mugur Isărescu	+0.04
Jul 26, 2023	Mugur Isărescu: Opening remarks – the International 2023 ERMAS conference Mugur Isărescu	+0.06
Jun 22, 2023	Leonardo Badea: European Investment Bank in Romania - 30th anniversary Leonardo Badea	−0.12
Nov 7, 2022	Mugur Isărescu: 30 years of partnership between the World Bank Group and Romania Mugur Isărescu	–
Feb 23, 2022	Mugur Isărescu: Policy support and the emerging "new normal"- how well-positioned are Romanian firms? Mugur Isărescu	+0.21
Jan 18, 2022	Mugur Isărescu: Strengthening supervision, corporate governance and risk management in the financial sector of the Republic of Moldova Mugur Isărescu	−0.03
Apr 7, 2021	Mugur Isărescu: In support of central bank independence Mugur Isărescu	+0.01
Apr 29, 2020	Mugur Isărescu: National Bank of Romania - 140th anniversary Mugur Isărescu	–
Feb 13, 2020	Mugur Isărescu: Opening speech - conference "Investment and Investment Finance in Romania" Mugur Isărescu	−0.29
Oct 4, 2019	Mugur Isărescu: Transformation of Central and Eastern European economies - lessons learned and the way forward Mugur Isărescu	−0.03
Sep 13, 2019	Florin Georgescu: Closing remarks - "Inclusion and financial stability" seminar Florin Georgescu	−0.25
Sep 12, 2019	Mugur Isărescu: Opening remarks - "Inclusion and financial stability" seminar Mugur Isărescu	−0.16
Jun 12, 2019	Mugur Isărescu: How CEE economies can face future policy challenges amid changing trade and monetary landscapes Mugur Isărescu	−0.04
Jun 4, 2019	Mugur Isărescu: Convergence towards euro enlargement Mugur Isărescu	−0.03
May 31, 2019	Mugur Isărescu: Romania - post-crisis performance and current challenges Mugur Isărescu	+0.13
May 7, 2019	Mugur Isărescu: Opening speech -16th meeting of the Financial Stability Board Regional Consultative Group for Europe Mugur Isărescu	+0.04
Apr 8, 2019	Mugur Isărescu: 15th Anniversary of the 2004 EU Enlargement - looking back, looking forward Mugur Isărescu	−0.02
Apr 3, 2019	Mugur Isărescu: Is European financial integration stalling? Mugur Isărescu	−0.24
Mar 25, 2019	Mugur Isărescu: Central bank communication as a policy tool - an ongoing challenge Mugur Isărescu	+0.02
Mar 14, 2019	Liviu Voinea: The post-crisis Phillips Curve and its policy implications Liviu Voinea	−0.00
Feb 21, 2019	Mugur Isărescu: Introductory speech - CEPS Ideas Lab: Europe's Choice conference Mugur Isărescu	−0.10
Dec 4, 2018	Mugur Isărescu: Romania and the EIB after 25 years Mugur Isărescu	−0.13
Nov 26, 2018	Mugur Isărescu: Some considerations of the impact of monetary policy on the economic convergence Mugur Isărescu	+0.10
Oct 25, 2018	Mugur Isărescu: Convergence towards euro enlargement Mugur Isărescu	+0.08
Oct 11, 2018	Florin Georgescu: Challenging the status quo in management and economics Florin Georgescu	−0.13
Sep 6, 2018	Liviu Voinea: Romania - ten years after the global financial crisis Liviu Voinea	−0.21
May 15, 2018	Liviu Voinea: Europe - managing the upswing in uncertain times Liviu Voinea	−0.02
May 14, 2018	Mugur Isărescu: The 39th Meeting of the Central Banks Governors' Club of the Central Asia, Black Sea region and Balkan countries Mugur Isărescu	+0.01
Apr 27, 2018	Mugur Isărescu: Closing remarks - EUROFI High Level Seminar 2018 Mugur Isărescu	+0.06
Apr 13, 2018	Mugur Isărescu: Opening speech - Annual EBRD EU-11 Meeting Mugur Isărescu	−0.00
Mar 27, 2018	Mugur Isărescu: Meeting the challenges of volatility Mugur Isărescu	+0.03
Dec 4, 2017	Liviu Voinea: Romania's latest Financial Stability Report Liviu Voinea	+0.01
Nov 17, 2017	Mugur Isărescu: Regional economic outlook - Europe Mugur Isărescu	+0.00
Oct 26, 2017	Liviu Voinea: 10 years of Romania's EU membership - looking to the future Liviu Voinea	−0.27
Oct 17, 2017	Mugur Isărescu: Romania, the EU and the euro area Mugur Isărescu	+0.14
Sep 7, 2017	Liviu Voinea: Finance and housing in Central and Eastern Europe - a demand-side approach Liviu Voinea	−0.11
Oct 28, 2016	Mugur Isărescu: Gaps and economic crises in South-East Europe - present and past Mugur Isărescu	–
Oct 24, 2016	Mugur Isărescu: Building our place in Europe - young Romanians pushing the boundaries in technology Mugur Isărescu	−0.05
Jun 4, 2016	Mugur Isărescu: Transition - how to secure a stronger economic future for the constituency? Mugur Isărescu	−0.10
Apr 26, 2016	Mugur Isărescu: How can the EU generate a virtuous circle in the Black Sea Region - the case of food and energy security Mugur Isărescu	–
Feb 12, 2016	Mugur Isărescu: Recent developments in central bank governance Mugur Isărescu	+0.06
Jan 15, 2016	Mugur Isărescu: Unconventional monetary policies and financial stability - implications for banks and financial markets Mugur Isărescu	−0.18
Nov 20, 2015	Mugur Isărescu: The future of central banking Mugur Isărescu	−0.13
Jun 16, 2015	Mugur Isărescu: Developments in the Romanian economy since 2008 Mugur Isărescu	−0.24
Apr 29, 2015	Mugur Isărescu: The single currency - a central banker's viewpoint from an EU Member State outside the euro area Mugur Isărescu	−0.14
Feb 10, 2015	Mugur Isărescu: Issue of CHF-denominated loans Mugur Isărescu	−0.16
Jul 10, 2014	Mugur Isărescu: Relations between euro and non-euro countries within the Banking Union Mugur Isărescu	−0.10
Jun 12, 2014	Mugur Isărescu: The regional finance and investment for South East Europe Mugur Isărescu	−0.01
May 20, 2014	Mugur Isărescu: The macroeconomic perspective in Romania Mugur Isărescu	−0.05
Jan 22, 2014	Mugur Isărescu: Integrated supervision Mugur Isărescu	−0.83
Dec 9, 2013	Mugur Isărescu: The Transatlantic renaissance - Romania as a faithful partner and ambitious player Mugur Isărescu	−0.03
Oct 30, 2013	Mugur Isărescu: Financing investment projects in the Danube region Mugur Isărescu	–
Sep 23, 2013	Mugur Isărescu: Overcoming economic problems, the experiences of Sweden and Turkey - an inspiration for Romania? Mugur Isărescu	+0.05
Jul 16, 2013	Mugur Isărescu: Christine Lagarde's visit to Romania Mugur Isărescu	–
Oct 12, 2012	Mugur Isărescu: Establishment of a new 15-county IMF-WB Constituency that already includes Romania Mugur Isărescu	–

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.