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Fin Min says ‘Romania is not experiencing the financial crisis, but a confidence one’

The confidence crisis is defined by MEF official, Varujan Vosganian, as the absence of tools able to offer the necessary predictability for the future.

Minister of Economy and Finances, Varujan Vosganian, said yesterday, during a business workshop in Sinaia, that Romania is not currently experiencing a financial crisis, but a confidence one.

"There are four possible components of the crisis: the confidence crisis or its exposure, the financial crisis, the economic crisis and the political crisis, in an order of gravity. There are countries on the edge between the financial and economic crisis. The fact that the EU has revised their economic growth for 2009 at 0.5 per cent indicates that the economic crisis is entered at the European level. Other countries are at other levels. We are not experiencing the financial crisis, but the confidence once. I define the confidence crisis as the absence of the tools able to offer the necessary predictability for the future. The crisis in the capital market is not an effect of the international crisis. Our stock exchange was volatile before the EU experiencing the crisis", Vosganian said. The Minister said that the level of the institution he was responsible for, precautionary measures are adopted. Some of them are the development of the budget on 2009, which provides for a margin on RON 1.7 bln.

"RON 120 M represents the acquisitions of households, which bought securities from the state. And this happens only in 2-3 days. We anticipate a more active role of people in the acquisition of securities in the future," as Minister of Economy and Finances said.

The Minister wanted to draw the attention of banks that MEF would not accept, any longer, offers from banks that would entail inflationary expectations or would suggest short term funding inability.

"I politely convey the message to banks that MEF does not agree with accepting any financing terms. We did not agree with banking offers entailing inflationary expectations. We have correlated our maturity deadlines with the times chosen for launching the securities in order to be under the market values and in correlation with BNR Lombard interest. MEF does not accept any pressure to urge it to take offers suggesting a certain short term financing inability," Vosganian concluded. MEF State Secretary, Eugen Teodorovici, said that Romania would end 2008 with a positive balance with the EU, amounting to EUR 1.6 bln. MEF intends to establish a unit, reporting to the Minister, to analyze the cost - benefit ratio of the projects funded from the state budget and those funded with EU funds.

CNP: A slowdown in the real estate market growth rate

In his turn, the head of the National Prognosis Commission (CNP), Ion Ghizdeanu, said during the same event that one could not talk about real estate crisis as long as the Romanian real estate market consists of constructions in rural area and those conducted with own forces, plus the black economy in constructions.

According to him, in spite of the fact that the worldwide economic crisis affects our country, mainly the private businesses, where we could see an increase in the number of unemployed persons, Romania may avoid the adverse effects, using two assets, both resulting from an under-developed market. Speaking of others, according to CNP head, the reinvested gross profit could amount to EUR 2.5 bln in 2009, and foreign direct investments will amount to EUR 7.5 bln. The investment rate in 2008 is 34 per cent, based on the cited source. The construction value, countrywide, is expected to advance by 13 per cent in 2009, as against 29 per cent growth in 2008, CNP chairman added, the growth rate of constructions being 16 per cent over 2001- 2008. Constructions and agriculture account for 18 per cent of Romania's economy.

 

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Tags: crisis economic market minister confidence experiencing financial romania bnr

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