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Mihai Tanasescu: ‘Romania needs new economic model’

Mihai Tanasescu, Romania's representative within the IMF, stated in an interview for ‘Adevarul' daily that our country urgently needs a new development vision. Thus, the specialists from the National Bank and from other institutions are already working on the project.

From the point of view of Romania's position against the backdrop of the current crisis ‘we would be in the same group with Hungary and, if you want, with Ukraine which isn't a European Union member. The issue is the economic growth model that we have had. A growth left to its own devices, one that has made the economy extremely vulnerable to external shocks. We are now at a crossing point. In the following years we have to create a new economic model for Romania,' he added.

The talks between National Bank Governor Mugur Isarescu and Prime Minister Emil Boc led to the clear conclusion that Romania cannot continue with a consumption fueled by imports. ‘There are at least three branches that could act as our economy's development pillars in the future - first of all the agriculture, then the environment, including an energy policy adapted to the new European and global policies in the domain, and thirdly the infrastructure. And by infrastructure I don't mean the roads alone but also the education and the health infrastructure for example,' the Romanian representative to the IMF stated.

On the other hand, the Ministry of Finances is contracting large loans from the commercial banks but Romania is not the only country that does that, Tanasescu underlined. ‘Here we have to find the balance between how much money you can draw in from the internal market and how much you can draw in from the outside in order to leave the banks with enough resources with which to finance the economic activity too.'

Tanasescu considers that the lump tax is a temporary tax. The tax cannot be maintained for a long time and will start to be eliminated in many countries that have introduced it. Tanasescu pointed out that currently at global level ‘the major risk continues to concern the banking system. In Asia the system is working better, with Europe being once again the worst affected.'

He said that the latest prognosis for the Euro Area points to an economic contraction of 4.8 per cent of GDP, with that contraction set to drop to 0.3.-0.4 per cent in 2010. ‘In Romania the contraction will significantly surpass the 4 per cent level forecast at the start of the year, maybe reaching a level of around 8 per cent,' Mihai Tanasescu, Romania's representative to the IMF, considers.

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Tags: model lsquo mihai economic romania tanasescu euro

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