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Bucharest
August 4, 2021
BUSINESS

Daianu: IMF funds had to be put to different use

The economist Daniel Daianu, ex-Finance Minister, stated, on The Money Channel, that Romania had taken a loan from the International Monetary Fund (IMF) at the request of the European Union and that it could have borrowed less money and put it to a different use. “The IMF treats a patient not only when the latter comes to the doctor, but also when it is sent to see a doctor. Romania was sent to see a doctor by the European Union. We could no longer take loans from the markets. It may be we needed less money and it could have been put to a different use,” Daianu stated.

On the other hand, the latter underlined the importance of having a European citizen at the helm of the IMF, as the Europeans learned more thoroughly “the lessons of the crisis” and plead for the idea that financial markets shouldn’t dominate the world economy. “The battle of the giants in the world economy was accompanied by a confrontation between ideas, between paradigms. The lessons of the crisis are still fresh in the minds of the Europeans. (…) The financial industry does not follow the logic of the market economy,” Daianu added.

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