Emil Costinescu

Emil Costinescu
Born	Iași, Romania
Died	July 6, 1921(1921-07-06) (aged 77)
Occupation(s)	Economist, entrepreneur, politician
Years active	1862–1920s
Known for	Finance Minister of Romania; founder of National Bank of Romania; president of General Bank of Bucharest

Emil Costinescu (March 12, 1844 – July 6, 1921) was a prominent Romanian economist, entrepreneur, and political figure.

Originating from Iași, Costinescu was the autodidact offspring of an architect and engineer who also held a professorship and later directed the School of Bridges and Roads, Mines and Architecture in Bucharest. Inspired by the reformist principles championed by personalities such as C. A. Rosetti and Mihail Kogălniceanu, he embarked on his professional journey in 1862 as a proofreader for Rosetti's Românul, progressing to the role of editor by 1866. Affiliated with the National Liberal Party, he secured election to the Chamber of Deputies in 1876. In 1880, he was among the founders of the National Bank of Romania.

In 1897, Costinescu assumed the position of inaugural president of the General Bank of Bucharest, which became one of Romania’s leading financial establishments. Additionally, he launched a sawmill operation in Sinaia and held a board membership within a petroleum enterprise.

Costinescu held the office of Finance Minister during three separate periods: from July 1902 to December 1904, March 1907 to December 1910, and January 1914 through December 1916. As an advocate for economic protectionism, he introduced a customs tariff in 1904 designed to stimulate the expansion of local industries; this tariff policy persisted until 1924. He was an early proponent of income taxation, proposing it as far back as 1887 and submitting a parliamentary bill in 1909 to establish such a tax, though it did not pass. Throughout World War I, he contributed to the transfer of the Romanian Treasure to Russia for safeguarding and served as Minister without portfolio between December 1916 and July 1917. Post-war, he acted as a financial specialist within Romania’s delegation at the Paris Peace Conference.

The Black Sea resort known as Costinești bears his name, stemming from his acquisition of a 200-hectare property formerly owned by Vasile Kogălniceanu. He invited colonists from Dobruja's German community to cultivate and develop this previously barren territory.