Financial Press Review, November 11

Under the headline "Economy in Romania faces a hard recovery", Curierul National refers to the yesterday’s statement of Lucian Croitoru who took part in a seminar organised in Sinaia.

The advisor of the Governor of BNR (Romanian National Bank) estimated that ‘the Romanian economic recovery will last for another few years and will require important structural reforms’ which "should be more efficient than the fiscal adjustments that are now taken into accunt."


Bursa quotes Lucian Croitoru too: "First of all, we should refrain from taking measures that hinder the private private sector from fulfiling the financing conditions imposed by the banking sector". "We have to enhance the capacity of increasing economy. The last couple of weeks have shown that Romania is not able to improve its economic situation without foreign money."

Under the headline "European fund absorption must be considered a priority", the daily Economistul publishes a conversation with Daniel Dăianu, corresponding member of the Romanian Academy. He talks, among other topics, about the high agricultural tax avoidance which could be combated through a "quasi-military" regime.’

"This doesn’t imply the democratic rules should be violated. In this case, we are talking about trustworthiness, discipline and responsibility." "I would have resorted to foreign help as far as tax avoidance is regarded," Daniel Dăianu declares.

"Bulgarian people took radical measures and did violence to their conscience in order to succeed."

Daniel Dăianu also agrees with an extremely rigorous examination of public purchase. "I would introduce a system that should lead to the dismissal of every minister that follows no rules," taking into account that ‘this meltdown is equivalent to a peacetime war."

He observes that for the time being, "we deal with a political clash that corresponds to the moment of the first impaired power, after 1990."

The daily Economistul writes on its first page that following the last stands taken in Parliament "the possibility of compromises, is more remote than ever before".

As for the mess in the Lower House, Bursa quotes the liberal-democrat deputy Sulfina Barbu who declared that "PDL (the Democratic Liberal Party) has never discussed the removal of Roberta Anastase from the position of President of the House."

Ziarul Financiar publishes an article summarized as follows: "The consequence of not adopting the laws agreed upon with IMF: the increase of the country risk and interests". "More important than the first instalment release is the negative message that would be delivered to the markets". (…) Under these conditions, Romania’s trustworthiness would suffer." The same daily outlines a complex article entitled "How Romania will be affected at an international level by the raw materials price increase."

Beginning summer, the doubling of the prices for cereals following the ceasing of exports with wheat from Russia, one of the main suppliers in the region, put under the question mark the evolution of food prices in the next period. Even though, authorities have tried to accuse subcontractors and supermarkets" policies of levying taxes, prices have been influenced by the international flood of increases and the higher demand for food also," quotes the daily.

"The questions relate to the way in which the world inflation can be domestically stopped but also how much can farmers gain from foreign prices," as Ziarul Financiar quotes.

The daily specifies that one of the raw materials that are registering the highest price in history is cotton, whose rate has doubled, since the beginning of the year, up to 3.36 $ per kilogram.

Translated by: Cristina Anamaria Maricescu
MA student, MTTLC, Bucharest University