Governor Isărescu thank you for that most kind introduction.
It is wonderful to be back in Romania and to enjoy the hospitality of her wonderful people. I say often that there is no better friend of the United States than the people of Romania. This is clear from Romania’s actions and solidarity as a friend and ally. But it is also clear from the warmth and hospitality felt by its people every time I visit.
It is a great honor to receive this award from such a staunch friend of the United States in Romania and such a distinguished public servant in Governor Isărescu.
My only question to Governor Isărescu is this: do I have to declare this lovely coin to customs upon returning home?
I don’t need to tell anyone in this room, but Governor Isărescu has a peerless legacy of service to Romania as Prime Minister and Governor of the Central Bank. In Romania, Prime Ministers and Presidents come and go. Ministers are shuffled in and out. But Governor Isărescu remains the steady hand in sometimes turbulent times. Governor Isărescu is a respected, trusted, and expert pair of hands at the helm of Romania’s economy and banking system.
And indeed there is much to show for his stewardship of Romania’s economy during his career as the longest-tenured Central Bank governor in the world. The accomplishments during his tenure have created the economic conditions that have allowed Romania to achieve its Euro-Atlantic goals and greater prosperity for its citizens.
While I am most honored to be able to receive this award and gold coin today from Governor Isărescu, I would prefer not to reminisce on past accomplishments in US-Romania relations. Instead, if you’ll allow, I’d rather talk about the bright future for US-Romania relations.
We should of course celebrate our shared history together: Romania’s democratic transformation and integration into NATO and the European Union and Romania’s willingness to serve side by side with US forces in hostile territory in Iraq, Afghanistan, and the Balkans all come to mind as noteworthy accomplishments.
Our reflection upon this rich and storied past should inspire the next chapter in US-Romania relations and in the special relationship that the United States has long enjoyed with Central and East Europe.
As I have always said, a country can most fully enjoy success when it achieves security, prosperity, and good governance. No country or society – including my own - ever achieves perfection in those categories. But each of us strives to achieve the best results we can. As I look at the future of US-Romania relations, I see the prospect for a strengthening of ties in all three categories.
Security has long been a foundational pillar for US relations with Central and Eastern Europe over the last two decades, and between the United States and Romania in particular. Unfortunately, the assumptions we made in the past about a tranquil European neighborhood have not come to pass. Dangerous threats lurk to the South and East. Rising powers and non-state actors seek to disrupt or even displace the role of the transatlantic community in shaping international norms.
A rapidly evolving technological landscape has changed the traditional definition of defense and security and has brought new threats and opportunities to the fore. The challenge of cyber security, disinformation, and network-centric warfare is requiring all of our countries to make new investments in security and defense and to think differently about traditional challenges. One of the key challenges facing the United States and Europe in the coming years is to develop a 5G wireless network that will allow our societies to be prepared for and secure in an era of the internet of things.
Many of the countries in this region are moving toward allocating 2% of their GDP on defense as countries agreed to do in Wales in 2014. Some, like Romania and Poland, have already achieved that goal and are leaders in their region. But all countries are making renewed investments in defense to meet their obligations and prepare the alliance to counter new strategic challenges. Here again, Romania has led the way with its recent purchases of Patriot batteries, HIMARS missiles, and F-16s. I am delighted that Romania sees the United States as its strategic partner of choice for defense procurement and hope that trend continues. If I may be so bold to speak as a former commandant of the Marine Corps I was happy to be here a year ago and discover that 800 U.S. marines were training on Romanian soil and I am particularly proud of that.
From an economic perspective, I see the Three Seas Initiative as a critical mechanism for truly ‘completing Europe.’ Central and Eastern Europe were denied the opportunity over sixty years ago to participate in the Marshall Plan. If properly executed, the Three Seas Initiative can serve as an engine of economic growth and transformation for this region and its wider neighborhood and can usher in a new era of economic ties with the United States, reinforcing the Transatlantic partnership which in my view is the most pivotal relationship and partnership in the world.
Under the important leadership of Romanian President Klaus Iohannes, Presidential foreign policy advisor Ambassador Bogdan Aurescu, Deputy Prime Minister Ana Birchall, Foreign Minister Melescanu and others in Romania, I believe important progress has been achieved at the Bucharest summit. The investment fund will provide much needed public and private investment to support projects. A priority Three Seas project list will focus the energy of the countries of the region around common projects. And a robust network of chambers of commerce can serve as a touchpoint for investors in the future.
Hard work remains to be done to turn many of these projects into reality. But with a strong pro-European Union orientation and American commercial and political support, I believe the Three Seas Initiative can serve as the next chapter of prosperity and development in Central and Eastern Europe.
Finally, both sides of the Atlantic are experiencing renewed political turbulence as our democracies wrestle with the challenges of new technology, global economic competition, and societal change. None of our democracies has figured out the perfect formula for addressing these complex challenges, including my own. Regardless of our views about the challenging and spirted political disputes in both of our countries, I believe we all can agree that a strong commitment to democracy, rule of law, and rights of the individual must remain at the foundation of the United States’ special relationship with Central and East Europe going forward. The founders of American democracy aspired toward a ‘more perfect union.’ But they knew it would be a constant struggle for perfection, even if we never realized that ultimate goal. The entry of Central and Eastern Europe into NATO and EU didn’t signal the end of the struggle for democracy. The struggle for perfection continues and the United States must remain a partner in that journey with the countries of this region.
Ladies and gentlemen, it has been a great honor to visit Romania for the Three Seas summit and Business Forum. Congratulations again on a great summit. And thank you again to Governor Isărescu on the high honor of receiving this award.