Romanian President Pushes For Improved Regulation, Closer Monitoring Of Financial Institutions

16 iun. 2009, 12:26, English

In his speech delivered Tuesday in the opening of works of employers’ associations group I within the European Economic and Social Committee, Basescu mentioned some of the problems Romania faces in times of crisis, among which, the lending terms imposed by Romanian banks.

He also pointed out in his speech that he constantly talked to bank officials and told them every time that a partnership between banks and the Government is highly necessary in order to counter the effects of the economic crisis, stressing banks must also soften lending conditions.

Furthermore, he said bureaucracy is another factor that affects investments in Romania, given the large number of taxes and fees, especially since some of them do not even boost the state budget. Basescu also expressed his support for a simplified taxation system.

The head of state also said Romania ought to improve its capacity to absorb European Union funds as soon as possible and highlighted the reduced transparency in the relation between institutions managing the absorption of EU funds and the beneficiaries of projects upheld from EU funds.

He also stressed it is highly necessary to reform the education system, which, he said, must also meet the country’s economic needs.

Basescu also referred to young people, saying they must get as much support as possible because the economic crisis, as well as various financial or family problems, force many of them to leave school.

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