Romania Ctrl Bk Chief: Economy Must Be Allowed To Recover

„Let’s not forget that the bullet passed hissing close to our ears, but we haven’t had tax increases, or at least the taxes that count weren’t increased. Romania is now in its relaunch stage,” Isarescu told a banking seminar.

„Unless we have patience to let the economy recover, we might have to increase the taxes,” he added.

Romanian public debt must not be allowed to reach 60% of the gross domestic product, and the private debt should be kept in check as well, Isarescu said.

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„The crisis in Romania has started and then it was amplified by the private capital. An unresolved private debt becomes a public matter. Romania doesn’t need an economic growth with large budget gaps, but a growth based on balanced consumption, investment and exports,” the central bank’s chief said.

Romania’s public debt fell to 26.7% of the gross domestic product in January, from 29.3% in December 2009.