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| THE WEEK IN REVIEW 3-9.11.2008 |
| (2008-11-07) |
| Last updated: 2008-11-10 15:54 EET |
For just one day, the presidential election in the US managed to shift the world's attention from the financial crisis and its negative effects. The historic victory scored by democrat Barack Obama in the race against Republican John McCain has been hailed by most chancelleries across the world. In a message of congratulation, Romanian president Traian Basescu says that Obama's election occurs at a peak moment in the relations between Romania and the US, both in terms of their NATO association and with regard to the increased volume of US investment in Romania. According to the Romanian head of state, as long as there is continuity in the US policy, the top changes in that country will be nothing but beneficial for Romanians.
On the eve of the US presidential election, Romania and the US took the first step towards Romania’s inclusion into the Visa Waver Program, which would allow Romanians free entrance into the Promised Land. A declaration of principle was signed in Washington, on the measures Bucharest is willing to take in order to observe the security conditions imposed by the program, such as border monitoring, exchanging information about terrorists, convicted felons or suspects of serious crimes, reporting lost or stolen passports and the presence of undercover security agents on board flights connecting Bucharest with Washington. The main problem Romania is bound to solve is the high rate of rejection of visa applications. The rate is currently 25% against an accepted 10% rate.
The President of the Palestinian Authority, Mahmoud Abbas, has paid an official visit to Bucharest. On the occasion he stressed the importance of the role played by Romania in the Middle East peace process. At the end of the talks with Abbas, Romanian President Traian Basescu said that Bucharest would not interfere into the ongoing processes in the region, but if requested, it would get involved. Basescu stated Romania’s readiness to resume in 2009 university training programs for young Palestinians. Romania was one of the first 3 countries to officially recognise the Palestine Liberation Organisation in 1974, and among the first members of the Warsaw Treaty, which authorised the Organisation to open an official representative office in Bucharest, which was later turned into an embassy.
President Traian Basescu and Prime Minister Calin Popescu Tariceanu represented Romania at the special European summit in Brussels, focusing on the current world financial crisis. Basescu said that Romania had already started to feel its effects, with the decline of production in certain sectors ,but that he was confident that the country had got the necessary resources to overcome this crisis. Romania will maintain its economic growth rate at around 4.5% in 2009, the President also said. In turn, the Premier's message focused on the need for the national currencies of the non-Euro countries to be protected against the speculative attacks reported lately. Tariceanu held talks on this issue with his counterparts from Poland, Hungary and Bulgaria, in a bid to reach a common stand.
The European Commission has warned Romania that its budget deficit will deepen by the end of the year, to reach 3,5% of the GDP, thus exceeding the maximum 3% level accepted in the EU. That will mainly happen due to the increase in public spending, translated into salary and subsidy raises. European Commissioner for Finance and Economy, Joaquin Almunia, has warned that Romania's economy is overheated, and the growth rate will slow down. The current account deficit will stand at disquieting levels, fiscal prospects are getting worse, and vulnerability to external shocks is big. He has advised the Romanian authorities to rapidly apply fiscal policy and economic reform measures in order to bridge the ever deeper gaps existing in the economy. Cautious, the Bucharest government on Tuesday approved a set of measures aimed at foiling the macroeconomic imbalance registered in the second half of the year. The decision is aimed at a cut in budget expenses, without affecting salaries, pensions or other welfare benefits.
This past week, the Romanian government has had to face high trade union pressure. The tone was set by teachers, who on Monday called a token strike, to protest against the government's decision to postpone the application of the 50% salary raise for the teaching staff, according to the law passed by Parliament. There followed threats coming from the health care sector, the Romanian railways and the public administration, all claiming salary raises as well. After several rounds of negotiations with the government and employers' associations, the railway trade unionists and those in the health care sector have decided to postpone the strikes, and have allowed a 2 week respite period for their demands to be met.
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