The current Labor code has to be changed as more flexibility on the labor market cannot be accomplished without a cut in social contributions, Romanian Finance minister Gheorghe Ialomitianu said during a conference on Wednesday. He said authorities were analyzing the scenario as labor costs in Romania were high and many have claimed the government was not supporting firms.
Regarding investments, he said the Government has launched a long term investment program with multiplying effect in the economy, but that things were unlikely to succeed without more access to loans and more trust in the economy among banks.
