Corelatia politicii monetare cu creditul cel mult aleatoare daca nu falsa

Am tot spus ca din punctul meu de vedere canalul creditului de transmitere a politicii monetare in economia reala nu functioneaza. Mai mult acest canal nu va functiona atata timp cat banca centrala va tinti exclusiv rata de schimb.

NBR’s rate correlation with real economy rates is at best spurious

One theme I keep repeating is that the credit channel is not working in Romania ans will not be working as long as the central bank is focused solely on the exchange rate.
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Unfortunately Romanian fiscal consolidation is just a myth

The concept of fiscal consolidation is on everyone’s mind these days. Romanian policy makers pride themselves in saying that since 2009 they took the right measures to stabilize this economy. One argument put forward to support their claim is fiscal consolidation. But what is fiscal consolidation?
As a measure of fiscal consolidation Romanian policy makers chose to present a declining budget deficit over the period 2009-2011.