|
RRI newsletter subcription
(e-mail address):
|
 |
Archives:
|
|
| ECONOMIC MEASURES AND POLICIES 12/11/2009 |
| (2009-11-12) |
| Last updated: 2009-11-13 16:00 EET |
Governor of the national bank for almost 20 years, an independent PM ten years ago and a presidential challenger in 2000, Mugur Isarescu is totally entitled to draw attention to the fact that Romania has to find the “right path” in order to strike a balance between macro-economy and finance on the one hand and politics on the other. Instead of sustained economic growth, political interference has generated an inconsistent evolution of the economy which now has to adapt. 2009 is a year of economic imbalance correction, imposed primarily by the world crisis which led to the withdrawal of the huge sums of money that had been injected in the Romanian economy after the EU accession. Unemployment on the rise, bankruptcies, the national currency- the leu- in free fall as compared to the euro, reduced exports- this is the bleak picture of a once thriving economy.
Moreover, the IMF, Romania’s main creditor, insists that in 2010 Romania should have a budget with a deficit of 5.9% of GDP and a list of expenses in line with the macro-economic forecasts. Although in an election year, the political class is traditionally tempted to take populist measures, which bring lots of votes on short term, and lots of expenses on long term, Mugur Isarescu strongly advises politicians to reduce public expenditure on salaries. In 1990 there were 10 million tax paying employees and less than one million state employees. Industry was over-populated and now we have less than 5 million employees, of which almost 1.5 million state employees.
A correction of the exchange rate, a theoretically possible and easy –to- use tool for the national bank is not something to wish for, given that this will lower trust in the national currency and reignite inflation. Therefore emphasis should be laid on massive investments or increased taxes which are the only solutions, the governor of the central bank said, underlining that increased taxes is a measure that people don’t need in times of crisis. “Resuming debates, without emotion and electoral stakes, on the funding and adjustment programme passed in 2009 is a must for economists” the governor of the national bank concluded.
|
|
| |
WMA |
|
64kbps : |
1
2
3
|
|
|
128kbps : |
1
2
3
|
| |
MP3 |
|
|
64kbps : |
1
2
3
|
|
|
128kbps : |
1
2
3
|
| |
AAC+ |
|
|
48kbps : |
1
2
3
|
|
|
64kbps : |
1
2
3
|
 Historical mascot of
RRI |
| |
© 1999 - 2011 Copyright Radio Romania International |
|
2025-04-03
Print
Listen again