Bancherul - BANCI / ENGLISH / Vasilescu: NBR governor Isarescu anticipated the crisis as early as 2000

Adrian Vasilescu, the adviser to of the National Bank of Romania (BNR) governor Mugur Isarescu, stated that the governor had anticipated the crisis as early as 2000, when he told the then president of the European Commission (EC), Romano Prodi, that seven good years and, then, seven poor years were to follow.

“I believe the governor anticipated the crisis in 2000, during his discussion with Prodi, when he was asked why he insisted on our joining the EU as of January 1, 2007, although we were not ready. I do not mean to imply that he foresaw this, but it was a glimmer of intuition, nonetheless, as he replied: ‘I insist on it, sir, because seven is a biblical figure.’ ‘How is that?’ Prodi asked him. And the governor told him it was the story of the seven fat cows and the seven skinny cows. There will be seven good years, and then seven poor years,” Vasilescu stated.