"Second half of 2009 crucial for crisis"

NBS Gov. Radovan Jelašić says the Central and Eastern European countries would enter the crucial period of the economic crisis in the second half of the year.

Izvor: Tanjug

Sunday, 26.04.2009.

11:10

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NBS Gov. Radovan Jelasic says the Central and Eastern European countries would enter the crucial period of the economic crisis in the second half of the year. Speaking in Washington on Saturday, the Serbian central bank chief assessed that because of that, an inflow of money should be ensured from international financial institutions. "Second half of 2009 crucial for crisis" The time of making statements, undertaking obligations and drafting letters of intent is behind us - the only thing which banks, investors and debtors need is money, Jelasic pointed out at a panel debate on the global crisis in Europe and central Asia, which is being held in scope of the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington. Jelasic assessed that in the next couple of months, the democracy in the Central and Eastern European countries that were subject to the transition process would undergo its first big test, and added he expected that by the end of the year, fiscal revenues would drop additionally, while gray economy would flourish. The present situation in the region is, to a certain extent, more serious than it was at the beginning of the transition period, the NBS governor said, and pointed out that difficult reforms had to be directed solely to the preservation of the people's current standard of living, if possible.

"Second half of 2009 crucial for crisis"

The time of making statements, undertaking obligations and drafting letters of intent is behind us - the only thing which banks, investors and debtors need is money, Jelašić pointed out at a panel debate on the global crisis in Europe and central Asia, which is being held in scope of the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington.

Jelašić assessed that in the next couple of months, the democracy in the Central and Eastern European countries that were subject to the transition process would undergo its first big test, and added he expected that by the end of the year, fiscal revenues would drop additionally, while gray economy would flourish.

The present situation in the region is, to a certain extent, more serious than it was at the beginning of the transition period, the NBS governor said, and pointed out that difficult reforms had to be directed solely to the preservation of the people's current standard of living, if possible.

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