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European Central Bank disapproves cutting salaries in Romania's Central Bank

de Dan Popa, transl/adapt. C.B.     HotNews.ro
Joi, 17 iunie 2010, 13:32 English | Top News

The European Central Bank issued a negative pass the Romanian Government's decision to apply the austerity measures of cutting salaries in the public sector by 25% to the Romanian Central Bank (BNR) employees as well. ECB reps claim that this would breach a basic rule in central banks, namely an attempt for an indirect funding for the fiscal deficit.

Still, the Government has not yet given up the intention, trying to force BNR staff to "donate" a quarter of their incomes to the state budget. BNR employees say they will refuse to sign the additional contracts. "I cannot manifest my solidarity by donating money to a government that is not sufficiently fiscally regulated", BNR sources told HotNews.ro.

"Perhaps the Finance Ministry's order is dedicated to the state companies and BNR staff. In what concerns us, we are an independent institution. We do not get state-supported funds to back our activity. We give 80% of the profit to the state authorities and I believe things should stop here. BNR is the institution that brings together highly qualified individuals, who should not be discouraged by cutting their salaries just because no other solutions have been found to finance the budget deficit. If I am asked for the approval to make donations to the Budget, I will not give it", a Central Bank official told HotNews.ro.
























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