“Structural reforms include an overhaul of the administrative sector so that Romania may attract more European funds, more capital to finance investments,” said Mihai Tanasescu, EIB Vice-President and Romania’s former representative to the International Monetary Fund.
“You cannot have economic growth without investments,” Tanasescu told an economic seminar in Bucharest.
The EIB official said Romania should cut the red tape blocking EU fund absorption and focus more on project implementation in 2013.
“More European funds means more money for infrastructure and other programs that facilitate economic growth,” Tanasescu said.
He estimated Romania will post positive economic growth in 2013.
Romanian economy contracted 0.5% in the third quarter after recording a modest growth a quarter earlier. In annual terms, the gross domestic product decreased 0.6% from the same period of 2011.
The European Commission forecasts an economic growth of 0.8% in 2012 and of 2.2% next year.