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| THE WEEK IN REVIEW 02/02/2008 |
| (2008-02-01) |
| Last updated: 2008-02-04 19:50 EET |
Romania’s national currency, the leu, has started to appreciate after last week it reached 3.83 units against one euro – a level registered in February 2005. According to the governor of the National Bank of Romania, Mugur Isarescu, the leu’s depreciation came against the backdrop of strong international convulsions, being at the same time, a consequence of Romanians’ exaggerate spending at the end of last year. Moreover, Isarescu said, this drop came at a time when the Romanian leu had seen a significant appreciation, especially in the first half of 2007. After significant turbulence, the situation on the Romanian stock exchange eventually settled.
The European Commission examined the convergence program Bucharest drafted for the period 2007-2010. The Commission’s conclusions were presented by the European Commissioner for economic and monetary affairs, Joaquin Almunia. Warnings target economic indicators, Romanian authorities being asked to keep a more efficient control of expenditures and of the budgetary deficit. Joaquin Almunia:
“As I previously said to Romanian finance minister, if these figures are not going to be improved through fiscal measures and more ambitious consolidating measures, if our May predictions are going to confirm these evolutions or if we are going to see further worsening of the situation, then we will have to take measures against Romania, according to the Stability Pact. I wouldn’t want to see this happening, which is why I call on Romanian authorities to make the necessary decisions. The Romanian finance minister had a positive response and I will expect further information in the coming months.”
In Bucharest, Romanian finance minister Varujan Vosganian gave assurances that measures would be taken for Romania’s deficit not to go beyond 3% of the GDP. The minister said he would suggest measures that would lead to budget savings between 1 and 1.5 billion euros, which will entail a reduction of the deficit.
The Governor of the National Bank of Romania, Mugur Isarescu, has also given warnings this week, pleading for a strict monetary policy and a cautious fiscal policy. Mugur Isarescu once again warned on the potential risks of salary increases without an economic support, recalling that “inflation is the most unjust taxation in such situations”.
Budgetary salary increases announced for this year stand at 10% on an average, to be applied in two stages – in April and October. This decision was made by the Romanian government following several rounds of negotiations with trade unions. Almost 1.4 million employees will benefit from this increase, which will be higher for those employed in education and health care, as well as for civil servants. Considering the percentage insufficient for their domains, some unions from the food industry, transports and railroads have expressed their discontent, threatening to go on strike. As a first sign of protest, on Friday morning trains in Romania stopped for several hours.
Starting February 1st, natural gas prices for the end consumer increased by 8.5%. This increase is due to a rise in the price of imported and domestic gas as well as to adjustments of distribution tariffs. This measure will affect especially households that use central heating systems running on gas, but it could also trigger chain price hikes in food products and electricity. Economy minister Varujan Vosganian announced that the Government would grant financial support to consumers with incomes lower than 165 euros per family member. According to the minister, approximately one million households will benefit from this aid.
The Constitutional Court declared unconstitutional several articles of the law based on which the National Council for the Study of the Securitate Archives (the political police of the former communist regime in Romania) been functioning for eight years. The judges of the Court gave this ruling following a constitutional exception invoked by the lawyers of Dan Voiculescu, former leader of the Conservative Party, in opposition. Voiculescu had previously received a political policing verdict.
Most parliamentarian parties plead for a quick solution to be identified, so that the Council could continue its activity. Only the Conservative Party and the Greater Romania Party support the Constitutional Court’s decision as being a just one. Romanian parliament now has 45 days to change the articles so that they comply with the Constitution. Otherwise, the National Council for the Study of the Securitate Archives could be dissolved and all the political policing verdicts it has given so far could be annulled.
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