Financial Press Review, November 22

The Bursa publishes an interview, titled "One country, two ministers" with two former ministers: Sebastian Vlădescu şi Varujan Vosganian.

The first one said: "I took all anti-crisis measures possible" and the second one considers that it is necessary to "recover from this crisis in an organised fashion".

"Governmental policies must consider long term goals. (...) We shouldn’t apply botchy measures. Anti-crisis measures should be part of a coherent plan".

"Next year we should have a plan to fix apparently contradictory things. On the one hand we have to continue fiscal consolidation and the deficit cut, on the other hand we have to relaunch the economy.

The two ministers were interviewed separately in the same day and on the same matters: "You can observe clear differences between the two, but also likenesses in identity", the Bursa.

The daily Ziarul financiar publishes an article entitled: "Fiscal Council criticises second budgetary adjustment, too".

"The Council sees as welcome the setting of clear criteria on the basis of which this fund will be distributed with a view to avoiding discretionary allocations".

The Fiscal Council indicates that the "chain" payment of arrears "does not actually address the structural causes that determined the piling of arrears".

The same daily comments on Lucian Croitoru’s statement at a banking seminar in Azuga. NBR’s governor’s counsellor thinks that ‘there are signals showing this growth could be smaller’ the 1.5%-2% as predicted by the government, considering that consuming, the GDP main source, does not show signs of recovery.

"Commerce and industry accumulate more than half of nonperforming loans. The banks are now trying to compensate losses with a big difference between credits and deposits", the Curierul Naţional writes on the aforementioned seminar.

The Săptămâna Financiară has an article entitled "Auto-insurance price rise in 2011’. Insurers explain auto insurance policies costs will raise because of damage increase, compensation limit increase and the victims’ bigger claims.

"Starting January 1st 2010, auto-insurance tariff uses the Bonus-Malus system, which enables insurers to increase the premium if there is a claim in the previous year (malus) and bonus is a discount in premium if no claim is made in the previous year. The percentage of the discount or increase applies only to the basic auto-insurance tariff of the company, which also change each year".

The Săptămâna Financiară also writes about "How could Ordinance 50 change in Parliament". "Banks and National Agency for Consumer Protection accuse each other of abuses, thus a compromise will be needed".

In "EU money convinced 2.800 youngsters to become farmers’ the Capital writes that ‘they all received EU funds of 10.000 to 25.000 euro in the last two years to set up agricultural activities’. ‘Most of beneficiaries were already working in agriculture or had parents living or working in the rural side. (...) Youngsters say the programme is very convenient because they give them the chance to do something on their own".

Translated by Tudor Ciocănel
MA Student, MTTLC, Bucharest University