Success "has to do with honour"

To the detriment of those who managed to make a fortune honourably, Mugur Isărescu, the Governor of the National Bank of Romania, has recently criticised the excessive promotion of some "cohorts of mythomaniacs" who didn"t even have a grain of common sense to accept that they made fortunes only by transition.

Success also has to do with honour, as Mugur Isărescu asserted warning that beyond some circumstances lie many pitfalls such as the great number of corporations that got bankrupt due to the financial meltdown.

As for getting on and out of the market, the Governor of the National Bank of Romania says that "this should be done fast and without too many obstacles. I need hardly say anything about the terror of the digits when it comes about 140 companies that have been closed and when people get scared about that."

Moreover, Mugur Isărescu adds that "there are many companies with headquarters in an apartment or which failed in a domain that had boomed, an unsustainable one such as the real estate."

"The economic growth registered between 2006 and 2008 was based on the consumption out of the boost of budgetary outgoings mainly those granted for salaries and not on massive economic basis", Mugur Isărescu added.

In addition, the Governor of the National Bank of Romania asserts that "the boost of eighty per cent outgoings or even more if we add the whole budget allotted to salaries between 2006 and 2008, increased with about one hundred per cent . There also grew the number of employees and a correction was forthcoming.

"Before the economic crisis we had a period of overheat and would be good if we learnt to avoid wallowing in cold water. It is very important to be aware about the fact that during globalization we are not an island", as Vasile Iuga, member of PricewaterhouseCoopers in Romania, concluded.

Vasile Iuga states that "on the one hand, we need optimism in order to recover the boost while on the other hand, the churn taught us to be more realistic and to really understand when speculation is good but on long term, one of the solutions that should not be ignored is thoroughly and conveniently fulfilled work with methods and reasonable boost rates."

Furthermore, Vasile Iuga thinks that "assets values in Romania could be more attractive in this period for investor, for instance".

According to a survey advertised in the 2011 financial yearbook that Mediafax brought out on Tuesday, the number of Romanians who plan to acquire and spend great sums of money this year is increasing against 2010 when the main planned expenditure was that for holidays.

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