Romanian Politicians Treat Econ Crisis Too Dramatically - Ctrl Bk HeadPublish date: 14-05-2009
Romanian politicians treat the economic crisis in an overstressed way, and they should apply already tested solutions, the central bank's governor Mugur Isarescu said Wednesday.
"We have to get the crisis out of our heads. We do not need to discover America. All we need is to look at other countries, come with solutions and politics that have already been applied," Isarescu said.
The effects of the crisis are inevitable, Isarescu added.
"If in Europe, automobile production falls 30%, what can we do in Romania? To increase inventories just so that the unemployment does not increase?," he said.
Isarescu hopes the economy will revive quickly.
As regards the currency's exchange rate, Isarescu said the leu depreciation was needed to correct the current account deficit.
The central bank's governor said the institution he leads has the role to cover the financing gap.
Isarescu was appointed Wednesday Doctor Honoris Causa of "Alexandru Ioan Cuza" university in eastern Romanian Iasi.
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