With or without the IMF and the EU, Romania had to first rectify the mistakes of the years of economic boom, and the economy could not be stimulated during the time of recession as were those of other countries because its fiscal reserves ran dry prior to the onset of the crisis, says Mihai Tănăsescu, Romania's representative with the IMF. Under the circumstances, the return to growth of the economy has been put off until 2011.
"We had to first rectify the mistakes, stabilise the economy and then move on to sustainable growth. 2011 is in fact the beginning of resumption of economic growth, which needs to be consolidated and sustainable."
Tănăsescu says, however, in an interview for ZF that not any kind of economic growth is desirable. "One must not mistake this for a return to the old style of growth, with a social and budget consumption fuelled mainly from external resources, but the new process needs to change the consumption behaviour radically, i.e. see more growth of productive, investment consumption, which should attract new jobs."
From his position as Romania's representative with the Fund, he says the arrangement which is drawing to a close has been "the anchor used to stabilise the economy, which was in freefall at the end of 2008."
With or without the IMF and the EU, Romania had to first rectify the mistakes of the years of economic boom, and the economy could not be stimulated during the time of recession as were those of other countries because its fiscal reserves ran dry prior to the onset of the crisis, says Mihai Tănăsescu, Romania's representative with the IMF. Under the circumstances, the return to growth of the economy has been put off until 2011.
"We had to first rectify the mistakes, stabilise the economy and then move on to sustainable growth. 2011 is in fact the beginning of resumption of economic growth, which
