Romania: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 210

Publication date: July 2008

ISBN: 9781451832907

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Topics covered in this book

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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

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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.