BNR adviser Croitoru: 2010 will be more favourable to promotion of reforms under arrangement with IMF

The year 2010 is going to be more favourable to promotion of the reforms stipulated under the Stand-By Arrangement between Romania and the International Monetary Fund (IMF) compared with the year 2009, which is an electoral year, a fact making the development of the structural reforms much more difficult, Lucian Croitoru, adviser of the governor of the Romanian National Bank (BNR, on Wednesday told a press conference on financial issues.

He also mentioned how difficult it was this year to promote the single law pay in the public system and appreciated that in 2010 structural measures would be easier to carry out. According to the Arrangement with the IMF, the authorities in Bucharest would have to draw up also a fiscal responsibility and a pension system reform law.

In Croitoru’s opinion, even if 2009 is an electoral year, with the political parties attacking each other, the risk to go off track from the provisions under the arrangement remains very small.

‘The political class in Romania proved it was able to get along when the country needs help to survive economic crises. The risk of going off track exists and nobody want this to happen, for it will endanger the exchange rate and it will „confiscate” the savings in lei. The population itself will end in attacking the national currency and switching to economies in foreign currency,’ the BNR adviser said.

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