Traian Basescu in Brussels emphasizes necessity to identify alternative financing solutions

President Traian Basescu on Thursday, in Brussels, attended the informal meeting of the heads of state and government of the EU member states during which, referring to Romania’s specific situation, he emphasized the necessity to identify some alternative financing solutions that should ensure the economic recovery, informed the Presidential Administration.

„In the context of examining the latest data about the dynamics of the European and global economy and of finding that the support measures will be necessary further on, the Head of State referred to Romania’s specific situation and emphasized the necessity to identify some alternative financing solutions that should ensure the economic recovery and, at the same time, the protection of the macroeconomic stability.

President Traian Basescu insisted on the temporary character of these stimulating instruments, which are said to be correlated, in point of the span of time they can be used, to the fiscal support measures adopted by other member states.

In this context the Head of State maintained that the application of the strategies meant to help get out of the anti-crisis plans must be made in a coordinated way, depending on all the member states reaching the point of irreversible recovery,” reads the release of the Presidential Administration.

The main subject of the extraordinary European Council was the action taken by the European Union with a view to leaving behind the current financial and economic crisis, the aim of the meeting being to agree on the principles of a common opposition for the negotiations during the next session of the G20 Summit to be held in Pittsburgh, on September 24-25.

„Leaving behind the current crisis and the sustainable economic relaunch depend on the improvement of the way financial markets work. The European leaders agreed in this respect that the reforms planned to be carried out in the European Union for the functioning and supervision of the financial fields should be an urge to action for the G20 states.

The EU will support, during the summit in Pittsburgh the necessity to set up a global system for macro-prudential supervision, based on the cooperation among the International Monetary Fund, the Council for Financial Stability and other authorities in the field,” reads the same release.

An aspect of the reform of the financial fields in connection with which the European leaders insisted on being promoted in the dialogue within the G20 refers to the pay policy in financial institutions. The talks about this subject led to coming to a sound consensus on a set of seven principles that should make it possible for the variable remuneration to be no instability risk any longer.

„The European leaders agreed that ensuring a sustainable economic growth at world level implied the existence of a liberalized system of international economic relations, they also agreed on the common action line for promoting, within the G20, the necessity to conclude the Doha Round by an important agreement.

President Traian Basescu emphasized the fact that, for Romania, the model of economic growth also relied on the further existence of a European cohesion policy with important financial support as well as on the diversification of the foreign economic relations,” the above- mentioned release informs.

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