Tanasescu, EIB: Romania does not need a new financing accord

The official sees an extension of the current accord as more than necessary. Furthermore, attracting European funds represents the main driver that can influence a speedy recovery.

2013 will be good for Romania, because it has the unique chance of attracting more European funds, of being capable to use cheap money for investment, the vice-president of the European Investment Bank (EIB) Mihai Tanasescu said yesterday for Radio Romania Actualitati. “We should not forget that in the last three years, 2011, 2012 and 2013 Romania is among the few European countries that has economic growth. We have a growth with a plus. We have no fluctuations. Thus, there is stability, first of all there is political stability, there is macroeconomic stability, there is a programme of reforms which started slowly, but it surely must sped up,” Tanasescu said. All these positive elements, which will certainly be outlined and put to good use soon, can only lead to an improving perception, so economic growth can reach the potential Romania has, which is 3-4 pc. “This is possible, it is possible an interval of 2-3 years to reach this potential,” the EIB official explained.“There will be growth… 1.6 pc, 1.8 pc or 1.9 pc, this is less important. The important thing is to continue to continue this trend of economic growth in the coming years through the reforms you make, the methodologies you enforce, the public policies you enact,” Tanasescu added.According to the same source, attracting European funds represents the main driver that can influence the speed of economic growth, followed by agriculture, research-innovation, the export of machines and equipment, where Romania plays an important role.Mihai Tanasescu also considers that – financially – Romania does not need a new financing agreement with international financial institutions, but a future collaboration is important as a signal that reforms will continue. “I think it is important as a signal of continuing reform, because – certainly – if this future cooperation will take place, it will be targeted, focused on the structural reforms I mentioned earlier. Romania moved past the phase of mistrust. Romania already is in a class of strong confidence from portfolio investors. Now we need to attract more strong investments and money for projects,” Tanasescu explained.Before implementing measures like reducing the VAT for bread and increasing the minimum salary in the economy, Romania must prove international financial institutions that it is capable to attract a higher income to its budget, the EIB vice-president mentioned.Regarding a possible extension of the present accord, Tanasescu believes that it is more than necessary. “Certainly, an extension of the accord by few months is not something terrible. The important thing for this extension, which will probably be demanded, to have a final point, so the measures which authorities promised to enforce are indeed carried to their conclusion,” Mihai Tanasescu said.

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