“Romanian economy has stabilized. From this point, the only direction it can go is up, and the first-quarter 2009 and first part 2009 numbers will affirm this. On the other hand, it doesn’t mean that the worst is over for companies and people”, said the head of Banca Comerciala Romana.

Bruynseels said that “From the macro perspective, the numbers for the fourth quarter 2009 and first quarter 2010 will be significantly better, but at a macroeconomic level, population and individuals will keep facing hardships”.

“From a macroeconomic perspective, statistics will show significant improvement as we move into the fourth quarter and into early 2010, also given the weak performance in the year-ago period. Nevertheless, at a macroeconomic level, individual clients and small business will continue to face major hardships”, said BCR’s CEO.

Asked about the concerns in the market place going into the presidential elections in the autumn and the further pressure they may put on the currency, the CEO of BCR said the coalition government would likely “stay together at least until the elections”.

“What happens after the elections, nobody knows. So, let’s wait and see what happens then”.

“A lot of the stimulus measures that have been applied to some European countries have been applied in Romania as well. The IMF has put a 20-bn program in place and the EC has been in there, so I think now we just got to wait for that medicine to work, and the numbers in the final quarter of this year as we go into 2010 will be significantly better,” said Bruynseels.