Romanian National Bank (BNR) governor, Mugur Isarescu, on Wednesday said that in Romania the economic policies were inappropriate, after the outburst of the economic crisis. „Ever since the crisis emerged, economic policies were inadequate. The economic and fiscal policies in Romania were pro-cyclical policies,” said Isarescu. He showed that, in exchange, the monetary policy was anti-cyclical, with positive effects, but he explained that despite the measures taken by the central bank, bankers have still found solutions to give loans, outsourcing loans and they even gave credits in foreign currency.
Isarescu underlined that the monetary policy was not enough as anti-cyclic measure and underlined that the structural policies have been postponed in Romania after EU entry, which was a mistake. The governor drew attention to the easiness showed by some circles as regards the budget deficit issue. Mugur Isarescu participated in the 2010 Financial Forum, held in Bucharest.
