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Most efficient part of Romania population works in EU countries, says CtrlBank official

The most efficient part of the Romanian population works in the European Union countries and the direct foreign investments prefer the retail trade sector, with the prevailing strategy being to recover the costs on the short-term, says a paper published on the National Bank of Romania's website by Marin Dinu, a member in the Central Bank Board of Directors.

'Romania joined the European Union at the peak of the speculative bubble that had taken hold of the global economy. The EU non-repayable funds are aimed to resolve problems having a low impact on development, by supporting the effective narrowing of the gaps from the Euro Zone countries. The non-repayable funds for investments with a propagation effect are either blocked or insufficient. The capital inflows are mainly aimed at portfolios, their size being a circumstance-related variable depending on the differences between the high interests here (in Romania - editor's note) and the very low ones in the developed countries', the document says.

Dinu argued that an aspect boosting the consequences of the under-development state relates to mentality, namely the practice of endlessly resuming the development projects absorbed by the mechanics of the changes of regime or governments, the circularity of internal trends - external trends that has been manifest at a pace having cast a shadow on the development effects.

'The pressure for adopting the regional models (of dependence and also of independence) has annihilated the creativity of the own forces, the continuity line of the identity, the prestige and recognition as a territory where the locals know what they want and do what they propose', the report says.

Dinu unveiled the paper at the educational project entitled Academica BNR 2013, being held in the Black Sea port of Constanta on Sept. 2-6. The forum seeks to consolidate the dialogue between the central bank, the institutional economic milieu and the academic community. Launched in 2011, Acadmica BNR is a programme targeting the university teaching staff, which completes the range of educational projects aimed at raising the Romanian public's financial culture level.

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