Massive savings and absorption of European funds are among themain models of economic growth that need to be pursued in a time ofmajor crisis, believes Daniel Daianu, former MEP and minister offinance.
"European funds are the only tool for cutting public expenses. Ifwe don't attract these resources, we will have a few good years ofstagnation, because I don't see any other growth driver forRomania," said Daianu at an event organised by the Ivy League andExcellence in Romania, which has 50 members - graduates ofprestigious universities such as Harvard, Yale, Princeton, MIT,Oxford, and INSEAD, as well as Romanian businesspeople. "IfEuropean funds were used much more wisely, they could bring an upto 4-5% GDP growth," he added. The former Finance Minister citedthe example of Spain, which consolidated its infrastructure withthe aid of European funds, while Greece built an airport with EUmoney. Romania should also make more domestic savings in order toresume growth, because the hope that Romania will see its economyrise in line with those of the other states in the region is not aviable solution to leave the crisis behind.
"I find it hard to believe the Romanian economy will see two-digitgrowth in the coming few years. The government should find a way toencourage massive savings." He specified that the population wouldfind it increasingly tough to take out financial loans because thebanks will impose even more restrictions on lending.
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