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October 23, 2021

We eliminated communism but the trend is populism, BNR official says

Property rights and the rule of law are the goals of structural reforms, although it seems paradoxical that in a country that formally gave up the communist regime the trend is populism, Lucian Croitoru stated yesterday. Napoleon Pop, member of the National Bank of Romania’s (BNR) Administrative Council (CA), concurred. “How is it that state-owned companies are doing worse in Romania than in other countries?” Croitoru asked at a conference on financing the Romanian economy. Croitoru’s statement came in answer to Napoleon Pop’s intervention which was a veiled criticism of the frequent statements that invoke the need for structural reforms without explaining the meaning of the term in the current context. The BNR official pointed out that before raising the issue of structural reforms there is the need for a vision because a structural reform made “haphazardly and on the run” and dependent on the cycle of elections cannot meet economic culture requirements. “Usually we notice that reforms do nothing but shatter the small amount of good that started to happen, or interrupt a good trend or in the best of cases worsen the issue of the two resources I talked about, that of tax evasion and of the way public funds are spent,” Pop added.

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