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Isarescu: Central Bank is not counter pay rises

The Central Bank (BNR) is not counter pay rises in Romania, it only wants them to have economic grounds.

'The Central Bank sees nothing bad in pay rises, but they have to be real, doubled by productivity, economic, sustainable grounds. A rise in salaries not accompanied by all this is risky, the illusion can change into a disillusion. The budget execution in this electoral year can be more relaxed, ' Isarescu said on Thursday, when he presented a quarterly report on inflation. Isarescu said the Central Bank will not renounce its restrictive monetary policy, he added that a budget policy more relaxed than in forecasts and a high rise in the offer are big risks for inflation. Isarescu hailed the economic growth in Romania, stressed by Minister of Economy and Finance Varujan Vosganian, he said that 'the restrictions in the monetary policy can push the economy towards growth based on productivity and not on consumption.' The public money 'has to be spent more carefully' Isarescu also said. 'The Romanian society and the political parties have to think a lot of the proposals of the Central Bank, they are a basis for the economic future of Romania. Inflation has to be low. Economic growth is not a priority, because it has reached seven percent. Economic growth has to be based on productivity, and not artificially boosted, ' Isarescu said. Isarescu presented, on Thursday, the quarterly report on inflation, which gets revised upwards, to six percent, from 5.9 percent, for 2008. Sursa: http://www.rompress.ro

Tags: isarescu central economic rises bnr

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