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Romanian Central Bank official: Romania's economic growth will be 8 to 12 months behind powerful countries

de Alina Neagu, transl/adapt. C.B.     HotNews.ro
Miercuri, 23 septembrie 2009, 13:43 English | Business

Romania will resume its economic growth within 8 to 12 months after the powerful states. This is due to Romania entering the crisis one year - one year and a half later, the Romanian Central Bank (BNR) governor’s councillor Lucian Croitoru stated on Wednesday, according to Romanian press agency Mediafax.

"The crisis emerged through four channels, namely commerce, confidence, currency exchange, but also finance, and these coordinates will act just as symmetrically on recovering", the BNR official said.

"The first lesson is that capitalism is not to be blamed for the crisis, but the ones administrating it, and here I mean politicians, central banks and supervisors", he claimed, adding that, in his opinion, a stronger state involvement in economy would represent "a step in the wrong direction".

Lucian Croitoru explained that resorting to such measures led to the loosing of confidence after the Second World War and to the increase in inflation during the '70s. According to him, the economy's prosperity of the last three decades is owned to free markets.

"The conclusion is that we will have a new crisis because it is human nature to believe that prosperous periods last forever", Lucian Croitoru concluded.























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