Loading ...Romania's National Bank (BNR) Governor Mugur Isarescu stated on Thursday, in Cluj-Napoca (center-west), that Romania must avoid an emotional approach to the economic crisis. He said that, on the short term, solutions should be found aimed at re-establishing investors' trust and, on long term, a reform of the financial system is needed, of securities accounting and of ensuring the markets identity. The Romanian capital is less affected by the current crisis, pointed out Mugur Isarescu, although adding that, indirectly, the financial crisis and recession in the developed states are bound to extend.
"As for the trade, Romania will be confronted by an exports slow down, financially – by a slow down of access to foreign financing and this aspect will further affect the national currency depreciation. The slow down is the word now. The crisis deepening is also a result of the effects upon human hope.
On the other hand, there are notable differences between the Romanian economy and the developed countries economies, and in this context we cannot copy the anti-crisis measure packages adopted by other countries", explained Mugur Isarescu.
BNR Governor thinks that Romania has to choose between an orderly cut of the current account deficit and a natural reduction, with consequences upon the exchange rate. In Isarescu's opinion, the state institutions with decision taking role must avoid an emotional approach to the crisis, with pressures from the trade unions, imposing a strengthening of the fiscal policy and a control of the spending structure.
"The 2009 budget is the first commendable step due to the allocation of some investment funds. In parallel, we need a tight monetary policy, of mixing labor with productivity. Then, we need an improvement of foreign investors' perception toward Romania, through compensating foreign financing and stimulating through adequate decisions the creation of new jobs. The real estate engine, excessively bloated ahead of the crisis, must be replaced by the engine of infrastructure field construction", underlined Isarescu.
Loading ...
Comentează acest articol