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September 18, 2021

Tanasescu: Local financial system is among most closely watched in Europe

Romania’s representative at the International Monetary Fund (IMF) Mihai Tanasescu stated on Friday on TVR Info that the euro zone would endure, even if it’s going through a difficult time, HotNews.ro reports. “Greece will not be allowed to fail and the political message at EU level is crystal-clear; I think Olli Rehn’s political message, backed by the bilateral political messages launched by Germany, France and other states, is unequivocal: even if it’s going through trying times, the euro zone monetary union will endure and needs to be helped …,” Tanasescu argued.

“I believe these tensions will be resolved in the following weeks or months and I am persuaded that by early October this new European financial instrument, this financial stability system, will do its job and create, if you wish, the balance that Europe needs,” the economist further stated.

Tanasescu also referred to the situation of banks in Romania, including  the Greek ones, which he argued are well-monitored, have a strong capital and a low exposure on Greece: “Troubles in Greece are rippling everywhere, they give raise to shockwaves as it were, but the financial system in Romania can withstand such shocks … It is one of the most closely watched financial systems in Europe … so it won’t be affected”.

He argued that recent slippages of the global economy had been caused by “the weakness of decision-makers” and that “what is now happening in global economy has never happened in the history of mankind”.

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