With or without the IMF and the EU, Romania had to first rectifythe mistakes of the years of economic boom, and the economy couldnot be stimulated during the time of recession as were those ofother countries because its fiscal reserves ran dry prior to theonset of the crisis, says Mihai Tănăsescu, Romania's representativewith the IMF. Under the circumstances, the return to growth of theeconomy has been put off until 2011.
"We had to first rectify the mistakes, stabilise the economy andthen move on to sustainable growth. 2011 is in fact the beginningof resumption of economic growth, which needs to be consolidatedand sustainable."
Tănăsescu says, however, in an interview for ZF that not any kindof economic growth is desirable. "One must not mistake this for areturn to the old style of growth, with a social and budgetconsumption fuelled mainly from external resources, but the newprocess needs to change the consumption behaviour radically, i.e.see more growth of productive, investment consumption, which shouldattract new jobs."
From his position as Romania's representative with the Fund, hesays the arrangement which is drawing to a close has been "theanchor used to stabilise the economy, which was in freefall at theend of 2008."
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