Isarescu: Romania to see several year-long crisis if we speak of 30 pct wage rises

Romania will see its economy in crisis for several years from now on if we speak of 30 percent wage rises, governor of the National Bank of Romania (BNR) Mugur Isarescu said on Thursday.

He stressed that what happened in the first three months of 2009 ‘is far above what we expected, namely the Romanian economy responded very well’.
On the adjustment of the budget deficit, the central bank head said such adjustment should not be excessive.

He announced that the BNR had also introduced the rate of exchange in the deficit adjustment package, but added it had not let it to depreciate too much.
Isarescu said that the crisis peak had been overcome as far as the inflation is concerned.

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