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| THE WEEK IN REVIEW 20-26.10.2008 |
| (2008-10-24) |
| Last updated: 2008-10-27 15:32 EET |
The international financial crisis and the National Bank’s decision to tighten loan granting criteria were some of the reasons invoked by foreign banks operating in Romania for rising interest rates and commissions up to alarming levels. But excessively high rates have enraged the clients who have in turn showered the Office of Consumer Protection with thousands of complaints. National Bank’s governor Mugur Isarescu has provided assurances that the local market is not facing a liquidity crisis at present, so the decision to rise interest rates was unjustified. The Romanian bank official has pointed out that through such measures, banks can easily scare away clients. Isarescu has also warned that he might call for a change in the legislation, so that the heads of financial institutions jeopardizing the system could be replaced. Meanwhile the National Authority for Consumer Protection has completed a project meant to offer a better protection to bank clients. Under the draft law, to come into force on January the 1st 2009, banks are no longer allowed to introduce new commissions after contracts have been signed.
October the 21st was the last day in which the political parties and independent candidates in Romania were allowed to announce their candidacy for the Parliamentary election due on November the 30th. The National Liberal Party and the Democratic Union of Ethnic Hungarians in Romania, both part of the ruling coalition, are betting on political leaders like Calin Popescu Tariceanu, and for a foreign constituency on Bela Karoly, former coach of Romanian gymnastics star Nadia Comaneci. The Social Democratic Party (the main political party in opposition) and the Conservative Party are again going together in the elections, their leaders preferring to run for positions outside Bucharest. The pro-presidential Liberal-Democrats in opposition and the populist Greater Romania Party, also in opposition, are betting on new names in almost all constituencies.
On Friday, Romanian president Traian Basescu endorsed the law granting teaching staff in Romania 50% raises starting October the 1st, as voted in Parliament. The Romanian head of state explained the law was proper, because all the political parties have signed the Pact for Education, while the raise is in line with the EU regulations. Basescu went on to say that the budget must be drafted based on priorities, in reaction to Prime Minister Calin Popescu Tariceanu’s statements, who said the move was not economically feasible, and would trigger similar requests from other state employees.
Romanian Prime Minister Calin Popescu Tariceanu this week went to Szeged, in Hungary to take part in a joint session of the two countries. On this occasion, several cooperation agreement have been signed, in the field of fighting cross-border crime, education, and communications. Special attention was given to the energy sector and to infrastructure; also high on the agenda was the interconnection of gas pipelines from Romania and Hungary on the Arad-Szeged route, and the extension of the high-speed railway linking Paris, Vienna, and Budapest with the city of Constanta, on the Black Sea coast. The governments in Bucharest and Budapest have agreed on promoting common tourist routes, and on the development of a common brand belonging to Romania’s western region and Hungary’s eastern regions.
Back home, PM Calin Popescu Tariceanu met on Wednesday and Thursday with his counterparts from Montenegro, Milo Djukanovic and the Republic of Moldova, Mrs. Zinaida Greceanu, who is for the first time in Romania after taking office. The three officials did not meet by accident: Mr. Djukanovic came to Romania to sign the Charter of the South East European Cooperation Process, a charter held by Romania and Mrs. Greceanu is the representative of the Republic of Moldova, the country holding the presidency of this forum.
PM Tariceanu had bilateral meetings with the two foreign officials when he reiterated Romania’s support for Montenegro’s NATO integration and the Republic of Moldova’s EU accession. Talks focused on boosting economic and regional cooperation.
Romania has an interest in, and has the duty to support Serbia’s EU accession, both through bilateral action and through cooperation with EU partners, said the Romanian prime minister who ended the week with a visit to Belgrade. The visit mainly focused on economic issues. The agenda of the visit included talks with the Serb prime minister, Mirko Cvetkovic, with president Boris Tadici, and with representatives of the Romanian community and business community in Serbia.
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