Here are the most important declarations from the conference
Mugur Isarescu:
- Any crisis comes with a stress test and we need to figure out how to solve it and how fast to react
- The essential aspect is to re-establish trust: we need to construct credible program
- In the past we had trouble with credibility and we were forced to import from abroad
- In the current context, we need to look at the bright side: it's been eight months since the collapse of the American Lehman Brothers company, and we have a lot of time to draw the line and analyze how we have responded so far
- We need to believe that we have programs and we need to offer a vision to the business environment
- It is not easy to choose a new government on the verge of the crisis and be reactive to the economic environment
- We've been through a period of uncertainty: we need to truly understand what happened before and after elections
- We managed to decrease interest rates and maintain the exchange rate even if we had negative reports
- The monetary policy is back to normal
- This process will continue
- Most of the times, the news reflect certain interests
- In my 20 years of career, this agreement with the IMF was the fastest to be settled: it is a boring agreement and nobody reads it because it does not contain anything surprising
- The ease of the authorities to take up a loan should make us wonder
- Some analysts declared that the deficit is caused by an overheating, an excess in consumption and we are still talking about increasing salaries by 50%: rating agencies were right in this respect
- The generosity of the foreign capital is getting worse, there still are negative reports
- Public investments are beneficial in this period
- We will not need to stimulate consumption - it will start growing by itself
- Both states and banks need to coordinate their plans to strike a balance
Vice President of the Insurance Supervising Committee, Tudor Balta
- there are 200,000 people working on the insurance market
- The Committee declared that it will undertake some stress tests on the market
- The Committee emphasizes its supervising role at the moment