Romanian President Traian Basescu: Romania needs to better regulate and supervise the banking system

Romania’s banks need to adopt flexible solutions when offering credits, Romania’s President Traian Basescu declared on Tuesday, at the General Assembly of Group I, European Social and Economic Committee conference on „Relaunching the EU: invest in the future together”. He added that authorities need to better regulate and supervise banks. Basescu opinionated that after various meetings with banking sector representatives, he came to the conclusion that banks would rather have less contracts with higher values.

Basescu warned that exaggerated interest rates cannot have beneficial effects and that on the medium and long term, the prejudice will be felt not only by the Romanian economy but also by banks themselves.

Here are the main topics addressed by the President:

Jobs

• represent a major problem both for Romania and for the EU

• Romanian workers working in crisis affected sectors need to know whether there are similar job positions available abroad : this could be beneficial for both Romania and other states

• it is essential to have qualified personnel in the deficient sectors

Infrastructure

• Romania would promote an internal and external water transports as a cheap transports alternative

• the necessary infrastructure needs important investments and long term efforts
• we need to better absorb EU funds

• by 2013 Romania has 54 billion euro for infrastructure projects – environment, education, rural sector

• internet information does not provide complete, rapid and accurate information

Bureaucracy

• represents a major impediment for business development

• Romania has too many taxes and some do not make a solid contribution to the budget

• I sustain the necessity to simplify the tax system