Central bank Governor Isarescu: A financially educated society becomes more resilient

The National Bank of Romania and the Bucharest School of Economics (ASE) are two institutions that have played an essential part in Romania's development and modernisation, training elite specialists who have outlined the strategic directions of the national economy and have had a profound impact on the progress of the country, Governor of the National Bank of Romania Mugur Isarescu said on Wednesday."The event is part of the series of initiatives and projects carried out under the collaboration protocol concluded between the two institutions, with the aim of boosting research and academic performance in finance and banks. The month chosen for the organisation of this conference is not at all accidental, it has a special significance for both signatories of the partnership. The Bucharest School of Economics celebrates this week, on April 6, 112 years of existence, while the National Bank of Romania will celebrate on April 17 145 years since its establishment. Over time, the two institutions have played an essential role in Romania's development and modernisation, training elite specialists who have outlined the strategic directions of the national economy and have had a profound impact on the progress of the country," Isarescu told a conference on strategic anchors for the development of the banking sector in the new global context organised by BNR and ASE.He added that recent successive and overlapping crises have led to a series of profound changes in global economies, such as geopolitical tensions and trends of economic fragmentation or the rapid advance of artificial intelligence and digital transformation."In this complex landscape, the development of financial skills among young people becomes a priority, and the academic environment has the responsibility to face the challenges by adapting curricula and promoting critical thinking in finance and banking. For this reason, in order to prefigure the debates that will take place at today's conference, I propose as a strategic anchor the promotion of financial education in order to develop understanding the consequences of these transformations and to make the right decisions, both at individual and institutional level. I say now they have a well-known thing, but I think it must be repeated. A financially informed society can manage its income, savings and investments more effectively. At the same time, a financially educated society becomes more resilient in the face of economic crises, reducing vulnerability to shocks and helping maintain financial stability. Dear guests, after four academic years and together in this BNR-ASE partnership, the results are beginning to be seen. We have examples, including in this room, of students or graduates of the master's programmes carried out under the BNR-ASE partnership, Central Banks and Financial Institutions - Bancas, who went on to become BNR employees or work in Romania's banking sector."He said that both the existing core subjects within the master's programme and the new subjects introduced into the curriculum, such as financial stability and macro-prudential policy, international reserve management, modern banking, have helped students be more competitive on the labour market, and employers to benefit from staff with expertise matching up societal changes."The promising results so far allow us to be even more ambitious in preparing students for the current and future challenges in the financial area. Thus, in 2025, four joint projects will be carried out by the Faculty of Finance, Insurance, Banks and Stock Exchanges. The first project is the establishment, starting with February 2025, of an innovative finance laboratory that aims to build the necessary skills to operate in the field of digital finance and to familiarise students both with the opportunities generated by the large, increasingly widespread use of digital technologies, as well as with the related vulnerabilities. The project brings together experts from the private sector and renowned professors of cybersecurity, generative artificial intelligence, blockchain technology, machine learning, to provide students with both theoretical and practical experience on the subjects tackled in the laboratory. I welcome this initiative because today, more than ever, it is essential to understand and adapt to the technological transformations in the financial field."Isarescu added that cybersecurity, blockchain and artificial intelligence change the way we interact with money, and the lack of financial education or its insufficient level of development makes all these changes lead to major risks in the future.He mentioned the establishment in March 2025 of the Performance Club for the students of the Faculty of Finance, Insurance, Banking and Stock Exchanges. At the same time, he said that the third project was released in academic year 2024-2025 and is ongoing, being the practice of excellence. The project is intended for students with outstanding academic achievement. Over 50 students have signed up for the programme, and the best performers, 20 of them, won internships in the key departments of credit institutions and partner consulting firms.The fourth project is due to start soon and is designed for all high school students interested in a finance and banking career. High school students with solid training in mathematics, computer science, but also those passionate about economics and social sciences, who want to contribute to the development of the financial sector, are invited to join this community of specialists."I have said several times, I will repeat it now, financial education is no longer an option, but a pressing necessity. The National Bank of Romania understood the need and urgency of supporting and promoting financial education. Through a sustained effort of several institutions, in 2022 it was possible to establish, by law, April 11, as a day of financial education. At the anniversary hour for the National Bank of Romania, we are happy to host here next week, for the second consecutive week, the event dedicated to the celebration of this anniversary," said Isarescu.