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Lazea: Exports can be encouraged by dimensioning internal demand

Romanian exports can be encouraged by control policies for aggregate demand, by re-dimensioning domestic demand, the chief economist of the National Bank of Romania, Valentin Lazea declared on Thursday at a conference on Romania's development.

'Exports can be encouraged by control policies for aggregate demand. I'm not speaking about reducing demand but a dimensioning of domestic demand so that it would not lead to the imbalance of 2004-2008. There are possibilities which may lead to encouraging exports,' Lazea said.

The BNR official pointed out that a lesson for the business world is that the period when money can be easily won has set for ever and reminded that in Romania taxes paid to the state are lower than in Europe.If you pay low taxes you have small expenses. In Romania there is a 16% tax on profit compared to the European average of 20%, taxes on salaries of 16% compared to 31%. I leave aside the fact that most of the economy is grey. It is true that low taxes brought along incomes from foreign investments,' Lazea explained.

It is unrealistic to count on a decent pension offered by the state

'Romania has low taxes compared to other European countries. However this is the poor man's weapon. But as long as you have low taxes you also have investments and low public expenses,' the chief economist of BNR Valentin Lazea said. He also explained that it is unrealistic to count, on the long run, on a decent pension offered exclusively by the state, recommending saving, especially in good times. 'People should save, not get in debt,' Lazea said.

He also showed that state privatizations do not represent a solution at the moment. 'I heard the idea of privatization. Let's privatize to have money for pensions. We privatize now and next year when you have to give pensions what else shall be sell from the house? We must think on the long run, not make decisions which may cost us,' Lazea added. BNR acted by increasing interest rates, lowering RMO, adopting a series of prudential regulations, but we could not slow down crediting, Lazea concluded.

Sursa: http://www.agerpres.ro

Tags: lazea demand taxes dimensioning encouraged exports bnr

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