UniCredit: The ones with an accurate perception of volatility probably gained a lot

For Bucharest dealers, 2008 was the most difficult year in living memory, as it was on the international markets, too, but 2009 will not start on favourable premises, either, says Dorin Badea, head of UniCredit Tiriac Bank treasury. "2009 starts under unfavourable conditions compared with 2008 for the overall financial markets and for us, too, due to the higher risk aversion globally.

Still, in terms of economic fundamentals, we are relatively better positioned than countries in the region," Badea points out. "One of the factors that ensured the stability of the Romanian system was the small size of financial markets," adds Badea. How does he see the trend of financial markets retrospectively?

"Exacerbated risks were matched by opportunities. What mattered was how risks were managed and how the radical volatility change was perceived. The ones with an accurate perception probably gained a lot." Badea says the main threat in 2009 comes from a possible decision of international players to change their investment policies, which could limit direct investment inflows, or even lead to withdrawal processes in certain sectors, such as real estate. He forecasts rising demand for hedging and investment products.

Ziarul Financiar