Bogdan Olteanu, vice-governor of the National Bank of Romania, believes only the restructuring of the public sector could see the economy return to growth in 2011. He adds that the NBR will defend the Romanian currency against any attack launched on it.
"Romania is going through a period of cleaning out its closet, which I hope will be through by the end of this year. I hope the Government will finish its cleanup of the public sector by the end of this year, so that we can talk about investments and economic growth as of 2011," he said.
Olteanu's statement, coming from a former politician, marks a change of perspective, considering that before being appointed in the NBR management team in 2009, Bogdan Olteanu was a member of the PNL (National Liberal Party), a ruling party between 2004 and 2008. In the 2004-2008 period the Tăriceanu Government boosted pensions and salaries in the public sector, and hired large numbers of personnel with the local authorities.
Managers of the biggest companies with Austrian shareholders - Petrom, BCR, and Raiffeisen, are optimistic as to the long-term economic progression, despite the fact that the business world is currently facing difficulties and major uncertainties.
The budget deficit, fiscal instability and red tape are among the biggest hurdles to economic growth, said participants at the seminar "Lessons learned from the economic crisis," organised by fiscal, financial, and audit firm LeitnerLeitner, present with an office on the Romanian market.
Bogdan Olteanu, vice-governor of the National Bank of Romania, believes only the restructuring of the public sector could see the economy return to growth in 2011. He adds that the NBR will defend the Romanian currency against any attack launched on it.
"Romania is going through a period of cleaning out its closet, which I hope will be through by the e
