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BNR Governor: We are still in recession, populism is road to hell

Populism currently prevails the Romanian political discourse on getting out of the crisis and is exactly the road to hell paved with good intentions, warned Governor of the National Bank of Romania (BNR) Mugur Isarescu on Thursday.

„Currently we are still in recession. But mixing up the recession with the crisis causes much trouble. Many of the above-mentioned solutions for getting out of the crisis make us go deeper into the crisis. We want to impart the public opinion this major idea: if we want to get out of the crisis by doing everything that was made in previous years and what made us encounter this difficulty means that we have learnt nothing.
The solutions that have been suggested seem good in the short run. The trap of populism is threatening us, it is almost prevalent in the present-day public discourse and is exactly the road to hell equipped with good intentions,” Isarescu told a BNR seminar that was organized on Thursday.

The Governor made it clear that getting out of the crisis was a question of financial and social costs and that, at present, in the public area, the problem of the budget deficit was treated with a terrible nonchalance and the problem of the public debt is pushed to the foreground as belonging to the future generations as if it is a burden coming from somewhere else, not from our decisions.

„There are serious confusions between the labour force policy and making one’s wish come true. We do not want to mix up what people wish and what can be done. Finally this is the part to be played by the public factor, to strike a balance between what can be done and what people wish, to balance the tax burden and the problem of the labour force market in years, in time, by generations.
We must admit that the present time is a very difficult one. The excesses in previous years referring to the expansion of economy and consumption, the volatile capitals that were encouraged to come to this country, all these excesses were a cold shower at least,” said the head of the central bank.

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