Negritoiu said that the only neutral measure that Romania could take now for a rapid absorption of costs generated by the recession is the depreciation of the national currency. And this because, according to the businessman, the first signs of economic growth correction, “swollen like a balloon” in the past few years, appeared when the leu appreciated.
“For some years now, the national currency has been appreciating, the economy is thriving, is swelling, and we have not asked ourselves what resources this development was based on. We woke up, unexpectedly, with a strong currency and a nine percent economic growth rate, which made some officials say that Romania could become Europe’s seventh economic power,” Negritoiu added.
Although he said that he is not pleading for the depreciation of the national currency, the Head of ING said that this would be the solution “by the book.”
“When the leu appreciated, people earned more, but it did not know why their lives were better. Now, we only pay the price for a slight depreciation of the leu. I have seen countries that devalued their national currencies and their position today is better than ours,” Negritoiu indicated.
The official mentioned that if we do not voluntarily pay the price for a “euro-ized” economy, we will be forced to pay this, considering that 65-70 percent of loans were granted in the European single currency.
