Economy under political pressurePublish date: 22-02-2007
After the moment of accession to the EU, it appears that all the sleeping monsters of Romanian politics have suddenly waken up and began wrestling with one another. Interesting and positive things happen in the economy: The National Bank of Romania (BNR) announces that last year foreign investments exceeded EUR 9 billion (more than we managed to pool over an entire decade), Ford wants to buy the Daewoo plant in Craiova, the big supermarket chains announce plans to continue the offensive of their investments and even to reach urban areas with fewer than 100,000 inhabitants, real estate projects are mushrooming as well and the list could go on and on. But who’s to pay attention to such news? Little notes are overflowing into our lives. The war between the Premier and the President has ceased being a cold one any more; it turned into a full-fledged conflict fought with the pen or from behind film cameras. The media, unavoidably polarised by employers’ interests, is trying to pose as being animated by vigilante spirit only. The Prime Minister learns there is no use anymore to only talk about a friendly relationship with Dinu Patriciu and receives direct reinforcements from the Rompetrol trenches; Dorin Marian has become the PM’s prime adviser, after Patriciu learned it is dangerous to spend his money on telephone bills, placing his confidential man right in the anteroom of the premier.
On the other side, the President appears to grow increasingly lonelier; he continues to rely on his message reaching the electorate in the form he wanted, regardless of how journalists and analysts chew or abuse it. If he is misunderstood, he calls personally at live talk shows. The President however looses points when Elena Udrea rallies behind him.
Before the elections of 2004, I believed that in order to strengthen its framework structure, Romanian democracy should need a co-habitation between a President and a Premier to fight under different banners in elections. Now, I believe that no such cohabitation could get any sharper than this one, when we have a president and a Premier from the same alliance. Is this a war, like all the others, for access to resources? Is it the fever from before healing of such diseases as corruption, rigged auctions or influence peddling? Will there be any stage winners or will the denouement be deferred until the next elections? What is sure though is that too high a pressure for a long time is bound to weaken capillaries.
Romanian economy could be affected by such syndrome. The mood is too tense and for too long a time already. Henceforth, the winners will be those able to come up with solutions aimed at easing the tension.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei