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Sovereign debt crisis to lead to new-type public, one opposing excessive public debt, benefits

The sovereign debt crisis will lead to a new-type public, one opposing the high public debt and excessive benefits, said on Tuesday Lucian Croitoru, advisor to the National Bank of Romania governor.

'The new public will begin to increasingly appreciate the politicians who do not lie, even if they point to more austere budgets. They will respect those politicians who show responsibility. Experience has already, in my opinion, showed the public that the state which gets itself into debt in order to pay excessive benefits is not sustainable, and the public will begin to oppose excessive indebtedness and this is already happening, in Romania too', said Croitoru.

The advisor stressed the new public will urge for the completion of a global reform - in Romania as well - that had begun in the 1970s.

'The beginning consisted in the politicians' accepting to take the money policy out of the politicians' control and move it to the Parliament's control, /.../ but such a reform will also take place in the taxation sector. The fiscal policy will be taken out of the politicians' control in a different manner from how the central bank was taken; namely, that the politicians will agree to introduce a better ratio between rules and discretion. For the moment, there is only discretion in the fiscal policy. This, in my opinion, will create a new-type state, in Europe in particular, a fiscally responsible state. This will be, I think, a result of the sovereign debt crisis. Therefore, this crisis is the best method to complete the reform begun in the 1970s', Croitoru argued.

Sursa: http://www.actmedia.eu

Tags: public benefits excessive sovereign crisis

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