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Isarescu: Imports of capital should not be used for consumption

Imports of capital, given that Romania will continue to be a net importer of capital, should be used to restore the capital and efficiency, not for consumption, said on Tuesday the Governor of the National Bank of Romania, Mugur Isarescu, in the conference 'The biggest players in the economy.'

'We lose market shares. We are a net importer of capital, and are going to continue that for a period, but it is important not to use it for consumption, but to restore capital and efficiency, 'said Isarescu.

He added that there will be speculative bubbles, as well, which will be paid for later.

'There will be speculative bubbles and we will realize that we must pay the price. We must pay for large capital inflows, which pursue a fast gain ', the BNR official also said.

The BNR governor recalled that to record a sustainable growth it is necessary to increase productivity, not consumption, in parallel with the savings.

'The moment we press too hard on the accelerator, with the same engine, would only increase fuel consumption, (...) it costs more, there are risks of accident, of skidding. You want to go faster, change the engine, increase productivity, and stop increasing consumption. (...) To save, take the money from consumption, tighten the belt, work harder ', he added.

Sursa: http://www.actmedia.eu

Tags: consumption capital isarescu bnr

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