He said it was very necessary to make lending standards more flexible and to closely monitor financial institutions.

One of the core impediments in developing businesses of small and medium sized companies is the bureaucracy, according to Basescu. Romania still has a high number of taxes, some of them without a significant contribution to the state budget, so the tax system should be eased immediately, he said.

On the other hand, Romania needs a fast and substantial increase in accessing European funds, the president mentioned. Romania can access 54 billion euros by 2013 for infrastructure projects, environment and education programs or projects for the rural area.

Basescu said the European money may be used for developing transport infrastructure, especially on the Danube River, but also for power infrastructure.

The projects submitted by Romania during the first three months of the year to access European funds amounted to almost 9.6 billion lei and those approved reached 3.2 billion lei, show the government's data.