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Romania more exposed to global crisis than other states (opinion)

The effects of the U.S. crisis and the international financial turbulences have so far affected mostly the Romanian stock exchange and the evolution of the national currency. In the future, however, it is possible these effects be felt on the economic growth, Mihai Tanasescu, a counsellor with the International Monetary Fund (IMF) and former Finance Minister, told the Gandul daily on Monday.

'All these combined foreign risks, the credit crisis, the higher prices for foodstuffs and energy products, the global warming have not been taken into consideration by very many countries, but the impact will be significantly higher on the poorly developed states and the developing states', Tanasescu stressed. In his opinion, Romania is more exposed to the general scepticism shown by the regional markets, the more so since the messages related to the domestic economy's health were not sufficiently clear. Romania has a huge commercial deficit, that can destabilise the local currency, the IMF counsellor said, adding that this situation is compounded by the increased global costs for borrowing, the rise in the oil price to record levels or the collapse of renowned world banks like Bear Stearns. 'In order to be able to improve Romania's image in the foreign markets, we must quickly take a range of measures with respect to defining our long-term priorities, in line with the convergence programme, we must restrain public spending, we must review the real possibilities for the collection of the state revenues in correlation with the economic growth modifications and to curb the public fiscal deficit', the former finance minister pointed out. He insisted Romania should notably focus on attracting the funds from the European Union, as an alternative to toughened lending requirements brought about by the financial turbulences in the global banking system. Sursa: http://www.rompress.ro

Tags: crisis global romania

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