Romania: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Romania

International Monetary Fund

No 2008/208, IMF Staff Country Reports from International Monetary Fund

Abstract: The staff report for the 2008 Article IV Consultation of Romania reviews the issues to tighten fiscal policy, putting less of the stabilization burden on the fledgling inflation-targeting framework. GDP growth has remained strong, underpinned by massive capital inflows. Executive Directors observed that large capital inflows related to Romania’s accession to the European Union, compounded by procyclical fiscal policies, have contributed to booms in domestic demand and credit and emerging capacity constraints. They recommended that structural reform efforts be relaunched to support per capita income convergence to EU levels.

Keywords: ISCR; CR; deficit; Romania; headline inflation; NBR; GDP deflator; disinflation objective; FDI inflow; world financial market tension; Fiscal stance; Inflation; Consumer price indexes; Global (search for similar items in EconPapers)
Pages: 64
Date: 2008-07-02
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