Romania: Selected Issues
Volume/Issue:
Volume 2008
Issue 210
Publication date: July 2008
ISBN: 9781451832907
$20.00
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Topics covered in this book
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Business and Economics , Exports and Imports , Labor , Public Finance , ISCR , CR , Romania , pay , current account , budget , budget revision , current account balance , budget culture , wage pressure , EU accession , catch-up effect , budget submission , balance of payments , budget process need , EU convergence economy , net position , Real wages , Budget planning and preparation , Wages , Current account deficits , Wage setting , Baltics , Global , Eastern Europe , Europe , Asia and Pacific
Summary
This paper examines Romania’s external stability risks. Recent Romanian data indicate high increases in real wages, not matched by comparable productivity gains. Both the government and the National Bank of Romania (NBR) have highlighted the importance of a responsible and stabilizing wage policy for macroeconomic stability in the country current juncture. A three-pronged approach is recommended that encompasses capacity building and improved transparency, a medium-term framework for fiscal policy, and increased use of independent fiscal expertise.
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