Daniel Daianu suggests setting up agricultural bank from EU funds

Former Finance Minister Daniel Daianu suggests setting up a bank from European funds, a bank that should finance the modernization of agriculture.
„As a rule banks do not approve of agriculture and rural areas and CEC [the Savings Bank] cannot meet the requirements of the Romanian farmers by itself.

This is why it is absolutely essential for us to set up a bank from European funds, which should help small farmers not to resort to wholesale dealers, help them build spaces where they should store their production, pre-finance crops,” said Daianu.

In his opinion the current economic crisis is tantamount to a war and in Germany, after the Second World War, they set up the institution named „Kreditanstalt for Wiederaufbau” (institution granting credit for reconstruction), which still works.

„Why should we not do something for agriculture in Romania too? Yes, quite true, it will subsidize agriculture. But what is the problem of our being blocked in market fundamentalism? How are we to modernize agriculture if banks do not want to get involved?” wonders the former Finance Minister, mentioning again the fact that in France too there is a very powerful similar institution, Credit Agricole.

He admitted that Romania, in the past decade, had an unfortunate experience with the Agricultural Bank, the excesses committed at that time leading to the destruction of the bank, „but this does not mean that such an instrument cannot be resorted to and resources from the structural and cohesion funds cannot be used,” he insists.

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