Press review (September 9, 2008)

Romania's national dailies of Tuesday give coverage to an interview of the governor of the National Bank of Romania Mugur Isarescu in which Isarescu excludes the risks of a hard landing for Romania's economy; the possibility of the Government being ousted on a motion of censure; the business turnover of the local automotive industry; the real estate crisis hitting Romania; measures taken to increase traffic fluency in Bucharest.
Business standard says Governor Mugur Isarescu of the National Bank of Romania (BNR) is ruling out a hard landing for the Romanian economy, quoting Isarescu as saying the risks for a hard landing are contained and economic growth in the country will near the potentials estimated by the BNR at 6% annually.
The paper also quotes the governor as saying the forex regime based on flexible exchange rates that allowed the market to correct the over-appreciation of the local currency, coupled with an increase in the monetary policy rate and prudential measures approved by BNR in connection with loans for individuals have significantly reduced the risks for a hard landing of the Romanian economy.
Isarescu also says Romania's economy will continue to grow in the years to come and near the 6% estimates of BNR. The growth might nevertheless be smaller given the slowdown in the world economy, particularly in the European Union, the paper argues. Romania reported a GDP growth of 8.8% in the first half of 2008, and a 9.3% one in the second quarter.
Adevarul wonders if the Government will be ousted before the general election, arguing that the stakes of a motion of censure on the finish line before the general election would be the establishment of a government to take care of this November's general election. It says the temptation to oust the Government and have another government team organise the election is increasingly more pregnant within the ranks of the Opposition.

The paper reports that the opposition Social Democratic Party (PSD) two weeks ago announced it will table a motion of censure if the Tariceanu Cabinet fails to take some social measures. National leader of the opposition Democratic Liberal Party (PD-L) Emil Boc said on Monday the PD-L is ready to turn the unqualified motion against the Government's education policy in a motion of censure by merging theirs with PSD's.
Business standard remarks that the Romanian automotive industry is poised to reach 10 billion euros in 2010. It quotes Chairman of the Association of Romanian Automobile Makers (ACAROM) Constantin Stroe as saying the aggregate business turnover of the local Automobile Dacia factory and sub-assembly manufacturers should exceed 8.5 billion euros in 2008, up some 20% from 2007. The turnover of the Romanian automotive industry should exceed 10 billion euros in 2010, following the market entry of US Ford Company and its suppliers.
Jurnalul national remarks that home sales have plummeted in Romania. It says real estate developers of Bucharest City are seeking marketing solutions to have their flats sold amidst a real estate crisis that has hit Romania as well. Free parking lot, free central heating and ventilation systems, which the promoters of property developments have been using for years, seem to no longer yield results.
New flat sales have decreased three-four times from the similar period of 2007. In order to sell the dwellings, at various stages of completion, the developers becomes increasingly more inventive, but they will not hear about diminishing profits.
Romania libera reports about the measures intended by the Bucharest Mayoralty to ease up traffic. It says the Mayoralty and the Police are bent on halting traffic chaos in the city, having announced on Monday general mobilsation to restore traffic order. The authorities say they will make order, whether it is about traffic congestion or city planning disasters.
The police have called on drivers to avoid clogging the center of crossroads to avoid bottlenecks. There will be 1,700 law enforcement officers taking to the streets.
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