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240607 ||| rom |
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|a 9781484327364
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|a Romania: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Romania
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| 245 |
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|a Romania: 2015 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Romania
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2015
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| 300 |
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|a 67 pages
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| 651 |
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4 |
|a Romania
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| 653 |
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|a Fiscal stance
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Inflation
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| 653 |
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|a Public debt
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| 653 |
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|a Income
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Banks and banking
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| 653 |
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|a Deflation
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| 653 |
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|a Debt Management
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debts, Public
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| 653 |
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|a Debt
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| 653 |
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|a Fiscal policy
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| 653 |
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|a Aggregate Factor Income Distribution
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| 653 |
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|a Mortgages
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Price Level
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Financial services industry
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| 653 |
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|a Banking
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| 653 |
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|a Financial reporting, financial statements
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| 653 |
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|a Public Finance
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| 653 |
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|a Finance: General
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| 710 |
2 |
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|a International Monetary Fund
|b European Dept
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| 041 |
0 |
7 |
|a rom
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Staff Country Reports
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| 028 |
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|a 10.5089/9781484327364.002
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| 856 |
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|u https://elibrary.imf.org/view/journals/002/2015/079/002.2015.issue-079-ro.xml?cid=42863-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a KEY ISSUES Background: Romania has in large part reduced internal and external imbalances through sound macroeconomic policies. However, income convergence with the EU has been slow and weak public infrastructure has emerged as a bottleneck for faster growth. At the same time, Romania remains vulnerable to external shocks and the repair of balance sheets is not yet complete. Policy recommendations: Going forward, sustainable macroeconomic policies need to be combined with measures that boost the efficiency of public spending, reinvigorate delayed state-owned enterprise (SOE) reforms, and resolve crisis legacies in the financial sector. • Fiscal policy. Maintain the fiscal adjustment achievements, put public debt on a firm downward path, ensure provision of higher quality public infrastructure, and improve revenue administration and public expenditure management including through higher absorption of EU funds. • Monetary policy. Keep the easing bias as inflation has fallen below the target band and support a private credit rebound. Improve the policy framework by gradually moving to full-fledged inflation targeting. • Financial sector. Maintain the intense watch on the banking system focused on asset quality and non-performing loans reduction, further strengthen non-bank supervision, develop capital markets, and create effective insolvency frameworks. • Structural reforms. Improve financial performance and generate resources for investment of SOEs by implementing good governance principles, restructuring and increased private ownership; further deregulate energy markets. Outlook and risks: Staff expects sustained growth supported by strong domestic demand. Better EU funds absorption could boost the growth potential by about ½ percent annually. However, increased volatility in the external environment and failure to implement a much needed infrastructure upgrade present downside risks
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