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Vasilescu (BNR) : We cannot get out of the crisis this year, and possibly next year either
Romania has no chances to get out of the crisis this year and probably next year either, when it is an electoral year, he stated on Monday at Radio Romania Actualitati Adrian Vasilescu the adviser of the BNR governor. « We have no chances to get out of the crisis this year, and we will not have the chance next year either, when it is an electoral year. It may take another year. God knows how much the crisis will last, we have no courage to make prognosis. Everybody does it » Vasilescu said. According to him, there is a difference between crisis and recession as between whole and part.
« The crisis is the whole and the recession is a part of the crisis. A crisis can be without recession and there have been many crises in the world without recession but a recession without a crisis is impossible, as there should first break something in the economy to get to recession and this break is the crisis. There is no better definition of the crisis than a break in the economy » he said.
Referitor la cursul de schimb acesta a spus că actuala creştere a leului este o creştere naturală nu artificială.
« Even if BNR wanted to intervene on the market, it would stop the moment they saw that the market leads the leu to this level (...). The moment the foreign banks saw they could trust the leu and brought their foreign currency here, they brought the foreign currency to change into lei. This happens on the market and this is what makes the leu stronger. »Vasilescu said.