Gala BURSA "Deceniul European din Centenarul României"
PSD SENATOR EUGEN TEODOROVICI:
BURSA 01.11.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     *  "Within three years at most, Romania can draw 3 billion Euros in European funds"
     *  "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.
     He said that, on that list, which was prepared in 2014 by the Ministry of Development, there were local libraries or a ferry for crossing the Danube, and generally minor projects: "The people of the Ministry of Development drew up a «shopping list» - «give us what you have» -, they collected hundreds of projects and sent them to Brussels. The people over there were shocked when they saw what kinds of projects Romania would send in for the Juncker Plan. Other countries would send five-seven major projects, of national interest. We did not do that".
     In the opinion of Mr. Teodorovici, within three years at most, Romania can attract 23 billion Euros in European grants, on the new absorption cycle.
     He says that a good idea for boosting absorption would be to use the banking system: "For instance we can go with the idea used in the pre-accession: using the banking system. It can take over the role and the functions of the state. During the pre-accession, Romania had a 95% absorption rate on the ISPA (Transportation and Environment) programs, a 95% absorption rate, and at the time we were actually congratulated. I am in favor of an outsourcing to the private sector of what the European funds mean".
     Another idea, in the opinion of Mr. Teodorovici, would be to eliminate the "European funds" term, for the public sector workers: "To them, there shouldn't be any difference between European and public funds anymore. Only the citizens should know that a certain project is financed out of European grants, because that is how they will understand the benefit of joining the EU".
     In his opinion, the statute of public servants needs to be eliminated and replaced with the contract-based workers, in order for them to prove that they deserve to come in for work on the next day: "When I get back to the public administration, because I certainly will, I am going to eliminate everything that concerns the statute of the public servant, meaning there would only be contractual personnel. It's better for the civil servants to do contract-based work and to prove to the boss that they deserve coming in for another day of work. Having public sector workers brag that they managed to outlast 15 ministers and that they will outlast the current one as well just isn't going to cut it anymore... You will see that they will do a much better job, they won't even have time to breathe. Right now, they allocate very little time for work and the rest for cigarette breaks, Facebook and so on".
     The former minister said that currently, an absorption of 800 million Euros for structural projects is being discussed, which were phased during his term: "Meaning, what I phased in 2014 on Infrastructure, Transportation. On the POIM there are about eighty projects, with a value of more than 3 billion Euros. In other words, it is a good thing that on one hand, we are not losing that money, but on the other hand, we kind of fooled ourselves, because in the current financial period, 2014-2020 we are spending what we should have spent on the first financial cycle. We are depriving those who would have done a better job of spending the European grants, of a substantial financial allocation. Not even for the phased projects was a mechanism devised which would allow us to make lump sum payments. Today we are in a worse situation than in the previous financial period".
     * "Some people don't understand that when they go abroad, they have to do everything in their power to support the country"
     Eugen Teodorovici also said that unfortunately, Romania promotes politicians, who are afraid of competition, rather than specialists, even for the positions of Brussels.
     He was asked whether he didn't think it was frustrating that we fail at absorbing European grants, especially as a Romanian - Corina Crețu - is a European commissioner in charge of Regional Policies. He avoided answering outright, but said: "Maybe one day, I will tell you my frustrations and what the Romanians sent to Brussels are like. Some people don't understand that when they go abroad, they have to do everything in their power, within the limits of the law, to support this country. They all do the same.
     That individual which coordinates a number of countries can decide to resolve Romania's issues on areas such as Schengen, even concerning visas, and many others. I don't have to tell you how they can do that. If you want to do something good for the country, you do it. You have to want to do it, you have to be sufficiently astute.
     Furthermore, we don't need anybody from the outside to teach us. We have the pre-accession examples... the main advantage that came with the European grants was the know-how, not necessarily the financial side. Together with the European grants, come the principles, the mentality, a different approach.
     We can attract European funds, we have demonstrated that we have that possibility.
     But Romania doesn't understand that it needs to put to work people who know how to do things, not necessarily Teodorovici, there are a bunch of professionals in the market. We can find hundreds of people who can radically change the system. Romania doesn't want to give them a chance, because that is how it works, with politicians, who are afraid of competition".
     * "I want the creation of a development bank, along the structure of EximBank and CEC Bank"
     The former minister brought up the idea of creating a development bank in Romania. He said: "I wanted the creation of a development bank in Romania, and when I was in the Finance Ministry, in 2015, I even initiated a draft law in that regard. Subsequently, I submitted as a draft law in the Parliament. The idea was to create a development bank, along the structure of EximBank and CEC Bank. We were told from the Finance Ministry that the European Commission has asked for a feasibility study. In Romania there are always feasibility studies needed for ideas that in other countries just work".
     In the opinion of Mr. Teodorovici, those who are glad that at the end of a period Romania has been successful in attracting 80-100% European funds, don't understand the situation: "The money needs to come in in the beginning of the period".
     He told businesspeople that the system won't change itself and that he will have to ask for his rights. 
 

 
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English Section
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
08.11.2017
     * A 39% stake belongs to Russian millionaire Sergey Lobanov, who is being criminally investigated in Russia for alcohol contraband
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07.11.2017
     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
     * The FP-Electrica deal, among the topics of the PNL vote of no-confidence against Energy minister Toma Petcu
       It seems the stock market did not take kindly to the approval of the transaction by which "Electrica" acquires the stakes of the Proprietatea Fund in its branches, at least for now, because EL stock dropped abruptly, immediately after the general shareholder meeting of October 26th.  details
06.11.2017
     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
     * "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     * "Within three years at most, Romania can draw 3 billion Euros in European funds"
     * "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
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30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
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