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Labor in Romania is overburdened, BNR governor says

Labor is overburdened and, if I were to assume a risk, that would be reducing the CAS, said on Wednesday the governor of the National Bank of Romania (BNR), Mugur Isarescu, adding at the same time that, on Tuesday, he did not took a stand against such a measure.

'On the contrary, if I were to assume a risk, I would go even further and give you a judgment which might be interpreted. Among all decisions, I think that CAS reduction would be most welcome. Labor is overburdened. The key rapport or the point where we could strike a victory is the rapport between work and social protection. We have only four million plus of employees who are paying taxes and, above this amount, people who are protected or live from these institutions. Those who work now pay the pensions of those who worked in the past. It is a social commitment, it must be respected, but the financial ratio must be respected, as well', said Isarescu.

According to him, most certainly tensions will appear between generations in Europe. 'It depends on how we manage them in Europe, for these tensions to be under control, and the scale of the crisis not to be very high. It is striking how disadvantaged are those who work and contributors, this physical rapport between the taxpayers and those who benefit. (...) The winner will be the one who will be able to find a solution in Romania, to take us out of this impasse. To have more contributors. This means the exit of a vicious circle. If you reduce the CAS, have you the guarantee that you are going to have more taxpayers? If I speak like that, you realize that it has some basis ', the BNR governor said.

According to him, there is no substitute for coherent economic policies.'When I say coherent, I mean the policy mixes that we use, combinations not only of monetary and fiscal budgetary policies, but also of structural ones. As a novelty, the European Union has blessed us with what is now defined as macro-prudential policies. Here, dozens of combinations might be possible. Coherence does not occur overnight. It means professional debates and, then, this effort to communicate ', said Isărescu.

Sursa: http://www.actmedia.eu

Tags: governor bnr overburdened labor romania cas

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