Key messages sent by the central bank governor at the presentation of the quarterly Inflation Report:
NBR sees a delayed and gradual economic recovery in the next quarters
The new inflation forecast: 7.8% y/y in 2010 and 3.1% y/y in 2011
The pass-through effect of the recent hike VAT to inflation is estimated at around 75% (+3pp); the balance is explained by the low level of households demand and the significant share of the peasant market that is not sensitive to fiscal developments
The governor does not expect a resumption of the growth in households consumption based on consumer loans; banks should realize that business in the area of consumer lending will be fragile in the future and should look for alternative opportunities, like the co-financing of the European projects
The monetary policy will not accommodate the recent increase in the inflation rate (in the context of the hike in VAT); at the same time, if the second round effects of the recent hike in VAT on the consumer prices are significant, the monetary policy will respond
Future governments should learn from the mistakes of the past and should not follow procyclical fiscal policies
NBR discourages a move of the EURRON FX rate to areas that are not suitable
If the Ministry of Finance accepts higher yields at auctions for RON-denominated securities, this is likely to create a dangerous spiral (similar to the inflationary spiral)
NBR encourages the Ministry of Finance to have a balanced approach between RON-denominatedand FX-denominated resources used for the financing of the budget deficit
KPMG: Only three of 27 EU Member States are clearly in favour of a Financial Transactions Tax 
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