Reformele monetare postbelice din România în contextul relațiilor româno-sovietice, 1947-1952
Post-War World II Monetary Reforms in Romania in the Context of Romanian-Soviet Relations, 1947-1952

Summary/Abstract: This study aims to provide details of the two monetary reforms which took place in 1947 and 1952 as part of the changes in the Romanian economy in the aftermath of World War II, given the context of Romanian-Soviet relations. The two monetary reforms are described as stages in the process of replacing the checks and balances that ensured monetary equilibrium in the capitalist economy with similar tools serving the purposes of the Soviet-type centrally-planned economy. We focus on the role played by the team of Soviet advisors led by I.D. Zlobin in the preparation of the two monetary reforms, as well as on the position adopted by the senior officials of the National Bank of Romania, the NBR Governor Mr Aurel Vijoli in particular, towards the enforcement of Soviet principles with regard to monetary circulation in Romania. The conclusion of our study is that the period between 1947 and 1952 witnessed the demise of the existing financial elite, the enforcement of checks and balances specific to monetary circulation in the Soviet-type centrally-planned economy, and the removal of those National Bank of Romania and Ministry of Finance officials who, given their intellectual background or political ideals could have proposed adjustments to the imposed Soviet model.

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