Isarescu: Pensions will not be paid from the BNR reserve!

Publish date: 17-06-2010
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The governor of the National Bank of Romania (BNR) , Mugur Isarescu voiced his disappointment for the level of economic debates and, especially, for the proposals made by some politicians about using the Central Bank reserves to pay pensions. "(...) Such ideas are a sign of confusion and the failure to understand the fact that a reserve means the possibility to secure the stability of the currency and financial stability, when you no longer have it," Governor Isarescu explained during a seminar on the SME sector, answering several proposals made by PNL Deputy Ioan Ghise, reports.

Ghise recently declared that cutting pensions and salaries could be avoided if the state took money from the BNR forex reserve. According to Isarescu, the idea only confuses the population, because there is no technical possibility to do so.

The BNR official insisted to explain that, besides confusions, economic debates are characterised by a very dangerous triviality. "More than ever, the Romanian society needs professional debates, and we must struggle to translate them into a more accessible language. We must put an end to the triviality of economic debates. This is extremely dangerous: this situation must stop," Isarescu said.

The governor also warned that economic and financial experts must get more vocal about the problems of the economy, though this does not increase ratings, in view of a better understanding of the present situation," (...) "Talking about social problems without taking economic resources into account is misleading," Isarescu added. The head of the Central Bank also pleaded in favour of improving the quality of economic debates. "We have a big setback: we don't make rating on TV," Isarescu explained. The governor also mentioned that the reform must be made rigorously, rather than by exceptions.

"Reform should not mean that we make more exceptions, as we must do it as rigorously as we can. Rigor is necessary in order to discipline the society. Simplicity too is a direction, because other directions might create very dangerous arrears and result in a major imbalance that will be corrected with tough measures," Isarescu warned.

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