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| ROMANIA AND THE EUROPEAN ECONOMY (14.12.2007) |
| (2007-12-14) |
| Last updated: 2007-12-17 14:26 EET |
Romania must make greater efforts to strengthen administrative capacity, enhance macro-economic stability, substantially reduce excessive bureaucracy and upgrade the labour market so that it may reach the level of the other EU countries. This signal is given by the latest Strategic Report of the European Commission on the Lisbon Strategy aiming at economic growth and creating jobs. The report will be forwarded to the heads of state and government at the European Council in March 2008, which will officially adopt recommendations regarding the support which must be given for each and every state to channel its efforts towards priority reforms.
Romania has a National Reform Programme and the European Commission agrees to the phased-out approach which the programme proposes. The report says, quote “the Romanian economy boasts results worth taking into consideration, but the Commission recommends that Romania should tackle macro-economic vulnerabilities pursuing a well-established fiscal policy and stepping up structural reforms to consolidate its competitiveness.” unquote.
Moreover, Romania should implement an integrated approach in terms of the increase in the number of jobs, the employment level and labour productivity, by speeding up the education reforms. And speaking about education, let us point out that according to Eurostat, the growth rate of work force costs in Romania went down to 23.2% during the third term but it further ranks second among the EU states, after Latvia, where the growth rate stood at 30% and it is six times higher than the average of the 27 EU member states. That is a good result, but rather bad from the viewpoint of inflation. The speedy and unjustified increase in incomes that is not accompanied by a similar growth of productivity sparks off inflation.
The latest report of Consensus Economics, the world’s biggest economic polling institution, says that foreign analysts make a gloomier forecast of economic progress in Romania against the backdrop of the inflation rate. Let us give you just one example: if in June, a 5.7% growth of the 2008 Gross Domestic Product was forecast, now the growth is estimated to be by 0.2 points lower. But maybe the funds that Romania is going to receive from the budget recently passed by the European Parliament will contribute to improving the prospects.
Our correspondent to Strasbourg reports.
"The 2008 EU budget is good for Romania, since it entirely meets our country’s priorities. Infrastructure, regional policy, education and health-care are the main areas where significant increases are reported and Romania will directly benefit from those funds.”
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