Entrepreneurs, company managers and bankers who see stimulatingconsumer spending as a solution to bring the economy out of thecrisis had a "bad idea", says Mugur Isărescu, governor of the NBR(National Bank of Romania).
After two years of declining GDP, he says Romanians should notstart spending, as Prime Minister Emil Boc was suggesting recently,but work.
"Stimulating consumption to have economic growth can only be deemeda bad idea. But we cannot put it into practice. (...) Romanianshave to be encouraged to work," the head of the NBR saidyesterday.
Nobody wants reckless consumption that will lead once again tobooming imports. Nobody wants consumption induced by the increasein public sector salaries and in pensions. What would then be thehealthy solutions? Foreign investments, but they should not go intobuilding malls, and European funds. Investments stopped coming atthe onset of the crisis, and Romania is proving totally unable toattract money from the EU. Does this mean it is condemned not tocome out of the crisis in a healthy manner?
"In 2010 we were not able to stimulate investments or attractEuropean funds, but I think now we have reached a limit and becomeaware this is the only way. First produce, then consume," saysSebastian Vlădescu, former finance minister.
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