The Romanian parliament on Monday approved Mugur Isarescu as head of the Romanian national bank, BNR, for another term.

Isarescu will lead the key fiancial institution for another five years, after serving as governor since 1990. He holds the record for the longest serving central bank governor in the world.

The BNR is run by a board of nine members, appointed by parliament for a five-year term that can be renewed.

Isarescu, 64, was prime minister of Romania for one year, between December 1999 and December 2000, in a difficult period for the economy. In November 2000 he ran as independent for the post of president, but lost.

One of the BNR’s main objectives for the coming years is to prepare Romania to meet the requirements to join the eurozone in 2019. “Joining the eurozone is a fundamental objective for Romania. It is a very ambitious but achievable goal,” Isarescu told parliament.

In February, Romania set 2019 as a new deadline to join the eurozone, after the authorities abandoned the previous target date of 2015.

Last year, Romania dropped the idea of setting a date for adopting the single currency. When it submitted its report to the European Commission on progress towards adoption of the euro in April 2013, for the first time, the report did not contain a target date.

However, the country has now reduced its public deficit below the level of 3 per cent of GDP – one of the conditions stipulated by the Maastricht Treaty.

On the other hand, inflation in recent years has been well above the 1-per-cent benchmark and is likely to remain well above that level.

Neighbouring Bulgaria has also postponed plans to adopt the euro – without setting a new date. In September 2013, Sofia said it no longer saw the benefits of joining the troubled single currency, even though the country now satisfied most of the criteria.