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Lazea, BNR: Austerity measures maintains as long as necessary

Valentin Lazea, the chief economist of BNR declared that as long as the government cannot restructure the public sector by firing 250,000 employees the budget must be compensated by austerity measures.

He says that austerity measures by which the government cuts 15% of pensions and 25% of salaries will discipline the population and will create a new financial behavior despite the difficulties they suppose, according to NewsIn.

'Austerity measures should last as long as necessary. Since the government cannot restructure 250,000 employees in the public sector, it must compensate these expenses with something,' Lazea said. 'The fact that we have these austerity measures can be compared with having a fixed monetary regime. This proves that Romania can live in a regime with fixed currency, although this is difficult for the Romanians because it makes them behave like the Germans,' Lazea added explaining he was making the comments on his own behalf, without expressing the opinion of the national bank.

He says that one of Romania's biggest problems is the government's incapacity to respect the basic economic principle according to which it is not advisable to finance future deficit from temporary incomes.'In exchange it did not understand the basic principle in economy, according to which you cannot finance permanent expenses with exceptional incomes,' Lazea said.

'We cannot toy with future generations. Nobody has left so many tasks for other generations and I am ashamed of that,' Lazea added.However, 'Romania behaved well during 2000-2006', the governments proving they could perform if economy was stimulated.In exchange, salaries in the public sector and pensions have grown without sustainability. 'We have an unfinanced difference of 4.5% of GDP caused by salary and pension increases,' Lazea showed.

Sursa: http://www.actmedia.eu

Tags: lazea measures austerity bnr

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