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| The Week in Review |
| (2011-10-29) |
| Last updated: 2011-10-31 12:55 EET |
IMF, EU and WB experts are currently on an assessment mission to Bucharest.
Experts of the IMF, the European Commission and the World Bank are currently in Bucharest, on a third mission meant to assess the precautionary agreement with Romania. The focal points on the agenda of the talks with the Bucharest authorities, representatives of the political parties, trade unions, employers’ associations, banks and civil society organizations are the drafting of the 2012 budget and the reform of state-owned companies. Romania should not be perfectly shielded against the instability of financial markets, but it should be protected enough for the country not to become one of the most vulnerable states and implicitly the next victim of markets, the chief of the IMF mission to Romania, Jeffrey Franks has said. He has underlined that although economic growth prospects on short term are poorer than they were 6 months ago, the reserves of the National Bank of Romania, which amount to 30 billion Euros, are significantly larger than before the crisis and the banking system boasts a high degree of solvency. In another move, this week the Romanian government has approved a precautionary agreement with the EU, worth a maximum of 1.4 billion Euros. This precautionary agreement is another form of allotting financial assistance on medium term, and comes to complement the aid granted by the IMF, under a precautionary agreement with Romania, worth 3.5 billion Euros.
Romanian officials are drafting the 2012 state budget.
Romania’s 2012 state budget law will soon be submitted to Parliament for approval. Most likely than not, it will not include measures to increase pensions and salaries of state sector employees. Several Romanian officials, including President Traian Basescu have made statements pointing to that conclusion. The draft budget will be completed at the end of the ongoing talks with the international financial experts who are in Bucharest for two weeks. Consequently, only little is known about the structure of the budget . However, it is certain that it will not be based on a 3.5% economic growth rate in 2012, as was initially estimated, but on a figure close to 2%, according to the estimates made by the European Commission and the Romanian authorities. Not many details on the budget deficit target have been made available, either, except for the fact that it will stand below 3% of the GDP. The opposition has already announced that it will vote for the draft budget only if the amendments it brings to the law are accepted.
The European leaders have reached an agreement to overcome the financial crisis.
Gathered in Brussels, in a bid to find solutions to face the sovereign debt crisis looming over the Euro zone, the European leaders drafted a crucial action plan, which has been hailed by most major world economic powers and international banking institutions. The leaders in the Euro zone managed to convince the banks which lent money to Greece to accept to receive back only half of the money they should have received from Athens. In order to cope with such financial losses, banks should recapitalise, more precisely they should attract over 100 billion Euros. The Greek government will further be helped by the European Commission, the IMF and the European Central Bank to pay back its debts, on condition it implements tougher economic reforms. Apart from the particular situation of Greece, the leaders in the Eurozone agreed to join efforts to contain the spread of the debt crisis to other countries. Of all countries, Italy, the third largest economy in Europe, will have to take credible measures to reduce its budget deficit and public debt. The leaders in the Euro-zone also agreed to increase the European Financial Stability Fund, which is expected to reach about 1,000 billion Euros.
The census of the population continues in Romania.
The population and housing census continues in Romania until October the 31st. It is the first statistical survey of its type to be conducted since the country’s accession to the EU, back in 2007. The questions included in the census are related mainly to general personal data: name, surname, personal identity number, the date and place of birth, domicile, gender, legal and civil status, the number of children, the level of education, profession, occupation, professional status and job. The housing and population census form includes questions related to the housing type and status, age, degree of comfort – water supply, sewage, heating, number and civil status of its occupants, meaning a house owner, tenant or other situations. The preliminary results will be published in the first quarter of 2012, while the final results will be made public in 2014. This is the 3rd population and housing census conducted in Romania after the fall of communism. According to the previous census of 2002, Romania ‘s population amounted to almost 22 million inhabitants, 51% of them being women. More than 52 % of Romanian citizens live in towns, while 47 % of them live in rural areas.
The historic speech delivered by king Mihai I in the Romanian Parliament in Bucharest.
In a historic speech delivered on October 25th before the members of the Romanian parliament, on the very day when he turned 90 , King Mihai I said that the last twenty years had brought Romanians democracy , freedom and the beginning of prosperity.
King Mihai 1st urged the Romanians not only to stand firm and face the present challenges but also to get ready for the future. Romania, just like all the other European countries, needs respected and competent rulers - added King Mihai 1st – the only post World War II surviving head of state.
King Mihai I: “It is up to us to make our country be steadfast, prosperous and admired in the world. I cannot see Romania today as a legacy we have inherited from our parents but rather as a country which we have borrowed from our children. So help us God! “
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