Iliescu: 2009 could witness an intensity peak in the world economic downturn

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Romania’s ex-President Ion Iliescu voiced concerns at the end of the EURASIA economic summit that 2009 could witness an intensity peak in the world economic downturn, arguing that significant social and political mutations will also happen, according to a news release issued by Iliescu’s office.

‘2009, two decades after the historical event of the downfall of totalitarian communism in Eastern Europe that also triggered the dismantling of the former Soviet Union, promises in its turn to go down in history.

And it may very well be remembered as the year of an intensity peak in the world economic downturn that marked the end of a certain kinds of capitalism.’ Iliescu said in his speech to the EURASIA summit organised in Istanbul, May 5-8.

Iliescu argues that the ongoing crisis will generate significant social and political mutations and wide swifts in the global balance of power.
He explained that the system was compromised politically because instead of a promised superior kind of democracy, totalitarian regimes were installed.

Iliescu also says that after 20 years, Romania is withstanding another process of high magnitude generated by the crisis triggered in 2008 in the US that is affecting the entire world economy increasingly stronger.

He also mentioned some issues that get more complicated as a result of globalisation accelerating and deepening, first of all because there is no equivalent for the state factor at a global level.

Iliescu pleaded for institutions to get adjusted to a rapidly changing political and economic environment.

He said that the appeal to Government intervention is renewed and that should include stricter supervision of the financial sector through restrictive public spending, support for research and development in sensible sectors, such as energy and the environment, selective limitation of imports of goods and services, all that is found in the US President Obama’s plan for salvaging the US economy.

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