The National Bank of Romania has published the second volume of its Economic@BNR project, titled “Financial sustainability From deficits to nominal convergence,” setting out an analytical framework for Romania’s economic policy and reform debates. The study, coordinated by Deputy Governor Cosmin Marinescu and drawing on contributions from National Bank of Romania specialists, examines the country’s main macroeconomic vulnerabilities and argues that financial sustainability and institutional capacity are central to maintaining macroeconomic stability and supporting long-term development. The volume focuses on public finance sustainability, budget revenues and spending, social system imbalances, state-owned enterprise governance and financial discipline, constraints on private companies, financial intermediation, external imbalances, public debt management and nominal convergence. It uses recent Romanian data alongside regional and European comparisons, and highlights indicators including reserve fund allocations, pension system contributivity, state-owned enterprise performance and dependence on budget resources, payment discipline, recapitalization needs and the sustainability of government sector financing. Its conclusions call for a shift from a predominantly quantitative growth model toward qualitative consolidation, with nominal convergence criteria presented as key benchmarks for financial sustainability.

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