The financial markets have no patience with Romania and the lack of realism and the misunderstanding of the situation we are in is appalling, says the chairman of the Fiscal Council, Daniel Daianu.'We have to cut this budget deficit and we don't have time. I repeat, this discourse, 'let's collect better', 'let's reform the state', sir, sounds good, but they are slogans. The financial markets have no patience with Romania. That will show in the budget execution. If we collect better in 2026, that will show. Until then you cannot present such a package to investors, rating agencies and the Commission. However, we have a rather fractured dialogue with the Commission. And that has to be said. I have heard 'cutting spending has no impact on growth'. How can cutting spending not have an impact? We need to reduce aggregate demand, i.e. domestic absorption. Whether we do it on the spending side, whether we do it on the revenue growth side, aka tax increases. We don't even have time for fine tuning, because some people are saying 'sir, you have to have an optimum, you have to have impact studies. Now let's tell those external funders, you know we still need to do impact studies. See? The lack of realism, the lack of understanding of the situation we're in, to my mind, is appalling. And I notice that there are analysts, economists, so-called macroeconomists, who come up with this discourse: 'Let's collect better first'. I sit and I ask myself, man, has that man ever talked to the people who finance us? Did he talk to the rating agencies? This is not a symposium on economic thinking at the University of Applied Sciences, where we're evoking all sorts of theories. Things are clear', said Daniel Daianu at the 17th annual conference of the Association of Financial Analysts and Bankers of Romania (AAFBR). Under these conditions, Daianu considers that in case we don’t have a credible package for adjustment, the markets will react ‘for us with much clutter’. As regards the fiscal policy, he said that it should no longer ‘throw sand in the gears’ to the monetary policy because the National Bank is not a magician.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
