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Romanian Central Bank governor: we estimate an economic increase of 1.5% in 2011 but it will not be enough for the people to feel a difference 

de A.C.     HotNews.ro
Vineri, 5 noiembrie 2010, 16:02 English | Top News

Markets are affected by the public discourse and are the first to react, Romanian central bank governor Mugur Isarescu  declared at the public radio station. He reiterated that the country's risk payment is very high even if the bank's reserve is big enough and the debt small. Isarescu said that the country pays very high costs compared to the level of the reserve and that of the debt precisely because of the political discourse. In his opinion, Romanian will fell an improvement in one year and a half. 

His main declarations 
  • market overreact and my message is that any discourse has a cost and sometimes we pay too much. Relations with the Parliament are affected, with the government and those who are watching the country cannot explain why banking credits do not recover and why interest rates are so high 

  • talks about inflation are superficial and our foreign partners were sharp to notice this 

  • we need to transmit seriousness in discourses. If we want to be better off ,we need to produce better, more and efficiently and be more innovative 

  • we need to consume more only if we produce more. After we come to this, we can think how to distribute revenues. This needs to encourage businesses and work 

  • We need to protest the poor, but with a balance in mind 

  • We accumulated a public debt of 30% and a private debt - the population got credits and the money need to be returned 

  • the IMF warned us in the past that the economy is overheated and that we register an increase beyond potential 
  • if we keep looking for someone to blame, we will still have deficits 

  • during the crisis, capitals did not leave but others did not show up. It would have been harder to have capitals leave. The budget was harder to modify 

  • We need to be cautious and promise less 

  • cinicism would mean that this is not the job of the central bank. But it is. Our duty is to tell the truth. The government should come yup with solutions. 

  • Economists in Romania claim that the solution is to depreciate the national currency. I think this is a mistake because the population will have a new ilusion. We do not give false hope to the population. 

  • We estimate an economic increase of 1.5% in 2011 but it will not be enough for people to actually feel it. Maybe it will be felt in 2012. Some categories will feel the improvements, namely exporters. 


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