Romania - The next will be a government of sacrifice

And that will happen irrespective of the political leanings of the party. This should not take us by surprise. It comes with the procyclical policies which have been the mainstay of Romania`s development over the last decades, a country that boasts the highest level of economic volatility in the EU. It brought on record growth in favorable settings and equally remarkable dips in less friendly circumstances. If during times of economic growth the government adds tax and consumption incentives, subsequent corrections can only be severe. Adjustments do not happen in the absence of a nudge, but occur mainly when the country does no longer enjoy the benefits of a positive international economic dynamic. Bragging, as it were, in the face of those who raise the alarm on how abnormal the current procyclicality is, that the economy shows no signs of weakness, is evidence of being naïve. Let us remember