Traian Basescu: This crisis will not disappear in next 12 months

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President Traian Basescu said on Monday that, as for the economic crisis, it would not come to an end in the next 12 months, but emphasized the fact that Romania opined that one could not talk about austerity versus economic relaunch.

‘A time of medium or even long-term difficulties is awaiting us. On the other hand, we are one of the countries saying that currently one cannot talk about austerity versus economic relaunch. This is the worst mistake we can make at present as, in real terms, we must preserve the economic stability and, using it as a basis, we must generate economic growth, not the other way round,’ said Basescu at the beginning of the meeting he had with vice-president of the World Bank (WB) for Europe and Central Asia Philippe Le Houerou at the Cotroceni Palace.

The WB official also said that the two aspects, the macroeconomic stability and growth, went together. He also said that reforms were needed too in order to ensure the long-term stability.

‘This story about ‘stop the austerity,’ ‘stop focusing on the macroeconomic stability, let us pass on to economic growth by putting money on the market,’ can be the worst mistake that will make Europe blow up in the years to come. We must preserve both of them, but the key is the macroeconomic stability. And we have got the experience of 2007-2008, when we grew by deteriorating the macroeconomic stability,’ concluded Basescu.

According to the representative of the World Bank, macroeconomic stability, securing competitiveness and turning to account the investment opportunities are the three pillars Romania must base its economic growth on.

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