Mugur Isarescu: What Romania has to learn from the crisis is the lesson of macroeconomic balance and sustainability

Publish date: 15-04-2009
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Romania has to learn from the economic crisis two main lessons: to avoid macroeconomic imbalances and ensure real convergence with the EU, at the same time with the implementation of sustainable policies, BNR Governor Mugur Isarescu told a Tuesday news conference on the effects of the economic crises.

"I have drawn nine lessons from this crisis. Two of them must be understood especially in Romania. First of all, it's important to avoid macroeconomic imbalances and focus on structural reforms. A challenge for Romania is the convergence with the EU at the same time with establishing a macroeconomic balance," Isarescu explained.

"Maintaining large deficits when economy is on the increase can never end in success. It would have been easier today if the budget had had a surplus or a more balanced construction, given that the financing sources from abroad are not as generous as before," Isarescu said.

A second lesson is that switching to the euro cannot be replaced by the economic adjustment policies.

"Switching to the euro cannot replace economic recovery. It has to take place depending on the nominal and real convergence. If we adopt the euro based only on the media noise, at an improper time, it means giving up the monetary policy before ensuring the convergence," Isarescu explained.


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