Bogdan Olteanu, vice-governor of the National Bank of Romania,believes only the restructuring of the public sector could see theeconomy return to growth in 2011. He adds that the NBR will defendthe 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 theGovernment will finish its cleanup of the public sector by the endof this year, so that we can talk about investments and economicgrowth as of 2011," he said.
Olteanu's statement, coming from a former politician, marks achange of perspective, considering that before being appointed inthe NBR management team in 2009, Bogdan Olteanu was a member of thePNL (National Liberal Party), a ruling party between 2004 and 2008.In the 2004-2008 period the Tăriceanu Government boosted pensionsand salaries in the public sector, and hired large numbers ofpersonnel with the local authorities.
Managers of the biggest companies with Austrian shareholders -Petrom, BCR, and Raiffeisen, are optimistic as to the long-termeconomic progression, despite the fact that the business world iscurrently facing difficulties and major uncertainties.
The budget deficit, fiscal instability and red tape are amongthe biggest hurdles to economic growth, said participants at theseminar "Lessons learned from the economic crisis," organised byfiscal, financial, and audit firm LeitnerLeitner, present with anoffice on the Romanian market.
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