Romanian Ctrl Bker: I “Foolishly” Hope No Fiscal, Salary Excess In ‘09

Valentin Lazea, the chief economist of the National Bank of Romania, stated Friday that he “foolishly” hopes there will be no fiscal and salary excesses in 2009, an election year, like it happened in 2008, which was also an election year.

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"Last year definitely marked an electoral year. We hope this year, although it is also an electoral year, we won’t have the same fiscal and salary excesses. Why do we hope? I don’t know... foolishly. I don’t know why we hope. As I see the unions are talking again about the minimum salary hike from 600 to 800 (e.n. lei), meaning a 33% increase," Lazea said.

Lazea reminded that the central bank’s governor, Mugur Isarescu, said that, as long as they talk about 30% hikes, there will be a permanent crisis, as the difference between these increases and labor productivity is going either to the inflation, or to the depreciation of the Romanian leu.

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