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Government was reshuffled

Yesterday, the Prime Minister Emil Boc reshuffled its team. Six ministers lost their seats:

- Sebastian Vladescu - Minister of Public Finance (replaced by Gheorghe Ialomitianu)

- Adriean Videanu - Minister of Economy, Trade and the Business Environment (replaced by Ion Ariton)

- Radu Berceanu - Minister of Transportation and Infrastructure (replaced by Anca Boagiu)

- Mihai Seitan - Minister of Labor, Family and Social Protection (replaced by Ioan Botis)

- Mihail Dumitru - Minister of Agriculture and Rural Development (replaced by Valeriu Tabara)

- Gabriel Sandu - Minister of Communication and Information Society (replaced by Valerian Vreme)

The intention to reshuffle the government at the beginning of September was announced as earlier as July. The changes in the Government were clearly decided following negotiations and discussions within the Democratic Liberal Party (PD-L) which currently backs the Prime Minister (and the government). The animosities between the leaders of the Democratic Liberal Party have increased once the party started to lose public support due to the deterioration of economic situation and due to recent austerity fiscal measures. In this context, reshuffling the government at this moment was considered as being absolutely necessary by many leaders of PD-L.

We think that the political developments and the ability of the government to go forward with the fiscal consolidation plan and to keep on track the agreements with the IMF and the European Commission are the key factors which will shape the dynamics of the exchange rate and of the interest rates in the months to come. We expect the uncertainty related to these factors to persist in the next period, with new tensions very likely to appear. This is why our forecast envisages a weaker leu and higher interest rates in the next period.

Sursa: http://www.raiffeisen.ro

Tags: replaced minister government

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