Massive savings and absorption of European funds are among the main models of economic growth that need to be pursued in a time of major crisis, believes Daniel Daianu, former MEP and minister of finance.

"European funds are the only tool for cutting public expenses. If we don't attract these resources, we will have a few good years of stagnation, because I don't see any other growth driver for Romania," said Daianu at an event organised by the Ivy League and Excellence in Romania, which has 50 members - graduates of prestigious universities such as Harvard, Yale, Princeton, MIT, Oxford, and INSEAD, as well as Romanian businesspeople. "If European funds were used much more wisely, they could bring an up to 4-5% GDP growth," he added. The former Finance Minister cited the example of Spain, which consolidated its infrastructure with the aid of European funds, while Greece built an airport with EU money. Romania should also make more domestic savings in order to resume growth, because the hope that Romania will see its economy rise in line with those of the other states in the region is not a viable solution to leave the crisis behind.

"I find it hard to believe the Romanian economy will see two-digit growth in the coming few years. The government should find a way to encourage massive savings." He specified that the population would find it increasingly tough to take out financial loans because the banks will impose even more restrictions on lending.

Massive savings and absorption of European funds are among the main models of economic growth that need to be pursued in a time of major crisis, believes Daniel Daianu, former MEP and minister of finance.

"European funds are the only tool for cutting public expenses. If we don't attract these resources, we will have a few good years of stagnation, because I don't see any other growth driver for