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| THE IMF TREATMENT 31/03/2010 |
| (2010-03-31) |
| Last updated: 2010-04-01 13:34 EET |
He also drew attention to the fact that the improvement of the world’s financial condition has started to hinder cooperation. He warned that a certain pace of reforms must be maintained in order to keep the economy growing. Strauss-Kahn added that QUOTE “one of the lessons Europe must learn is that you can’t have a single currency, like the Euro, without coordination between economic policies.” UNQUOTE. If Europe does not heed this warning, he believes, it faces the risk of ending up a second-class economic power, lagging behind Asia and America. Kanh also said QUOTE “My message for the Romanian people, as for the rest of Europe, is an appeal to work hard in order to overcome this crisis” UNQUOTE.
Romanians must also learn the lessons they have been taught, as regardless of any supervision, regulation and prevention measures, crises will occur. After two years of economic growth, the financial crisis forced Romania to sign last year’s 20 billion euro loan agreement with the IMF, the European Union, the World Bank, and the European Bank for Reconstruction and Development. Emil Boc, the Romanian Prime Minister, has stressed that , quote, “the measures taken were harsh, but the Government took responsibility for the unpopular decision to do what was necessary, rather than what they would have preferred to do.” Here is Emil Boc:
“In 2009, Romania fulfilled its international obligations, and did not fall under the political pressure brought on by election campaigns. We took measures that are harsh on the present, but right for the future of Romania, and the future of its 22 million citizens.”
The head of the IMF said he was relatively pleased with the manner in which the agreement with Romania was developing, and expressed his faith that by the evaluation mission scheduled for late April, the slight overshooting of the targeted budget deficit would have been rectified. Dominique Strauss-Kahn is confident that Romania will reach fiscal stability and will see an economic growth of 1.3 percent in 2010. He also believes that the country has yet to overcome the financial crisis, and unemployment will continue to rise over the following months. In the eyes of Strauss-Kahn and the Romanian political class, the IMF is a doctor that brings the necessary medication to countries that are feeling ill. However, the IMF notes that its mere involvement cannot bring solutions to financial troubles, if not supported by more balanced and better conceived fiscal policies.
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