Central Banks and Monetary Policy Calibration

The first volume of the ten volume series, brought together under the title "140th Anniversary", contains writings by the longest-serving Governor, mister Mugur Isărescu. By means of these papers, we witness the shifts in economic paradigm that occurred along the decades and the way he handled them – restructuring of the Romanian banking sector during the '90s, preparing the Romania's entry into European Union, managing the financial crisis and the ensuing inflation, to enumerate just a few of the actions carried out. This paper exposes and explains the role of monetary policy in the mix of macroeconomic policies, analyzing issues like: monetary policy objectives, balancing and optimizing the mix of macroeconomic policies' components, the priorities and challenges of implementing the living standards imposed by European Union, the deficiencies of Romanian industry and possible solutions for the latter's strengthening, the economic policies' capacity to approach and solve the difficulties in Romanian economy, the development of the policies' coherence and many more.