TRANSILVANIA BUSINESS CENTER
3400, Cluj-Napoca, Bv. Nicolae Titulescu no.4, Romania
Phone: + 40 264 414086; Fax: +40 264 196293; Mobil: +40 723 785406
E-mail: consulting@e-cat.ro ; Internet: http://e-cat.ro
ROMANIAN INDUSTRY DATA
I. RESTRUCTURING AND MODERNISATION OF ROMANIA'S ECONOMY
http://www.mdp.ro/engleza/prognosis/plan7luni/3.htm
As to these domains, the Governing Programme provides on the one hand the restructuring and modernisation of potentially
competitive state-owned companies, and the reorientation, re-dimensioning and partial or total liquidation for production
facilities without domestic or international markets on the other hand; all these measures will be preceded by a solution to the
social issues which may thus arise.
During the first seven months in office, the priorities of this field have been as follows: internal restructuring of the main public
utilities, preparing the necessary framework in order to select and to restructure industrial commercial societies and
especially stimulating viable sectors which can and must absorb the unoccupied work force resulting from restructuring.
In order to insure the proper conditions for restructuring, within a global vision, correlated with the financial capacity:
• Measures have been taken to reduce losses and to curb arrears by modifying the current legislative framework in
order to define the restructuring process in a realist manner, expressing the joint point of view of all institutions
involved in the process; thus, through G.D. 443/2001, the methodological norms for the implementation of E.O.
88/1997 have been amended, concerning the privatisation of state-owned firms; the E.O. has been further
amended through G.D. 450/1999; through G.D. 550/2001, the Methodological Norms for E.O. 88/197 have been
amended as provisioned by G.D. 450/1999;
The set of criteria for the selection of state-owned firms for which restructuring programmes will be devised and implemented
has been completed (losses, back payments, personnel, cash flow, markets, monoidustrial areas, unemployment rate, environmental
impact) and the proper authorities have identified the state-owned enterprises to be listed for: immediate privatisation;
restructuring followed by privatisation; active conversion of their activity. Thus, in accordance with the National Strategy for
Romania's energy development, endorsed by G.D. no. 647/07.08.2001, SC Termoelectrica SA has been restructured; this restructuring
has been initially sanctioned through the Order of the Minister of Industry and Resources no. 186/2001. G.D no. 710/08.08.2001 has
been equally approved, providing the establishment of the Commercial Society for Electric Transport Networks Maintenance Services
SMART SA, by reorganising SC Transelectrica SA, still under completion. The development projects for the defence industry sector
and the Restructuring Programmes of firms in this sector have also been devised. Resulting documents have been submitted to
analysis in front of the representatives of labour-union representatives and amended following their proposals; through the Decision of
the Supreme Council of National Defence no. 041/2001, a commission under the rule of the Prime Minister has been created, made up
of specialists from the Ministry of Industry and Resources, the Ministry of National Defence and the Central State Office for special
issues which will investigate the capacity of the defence industry to back the proposals concerning the endowment of Romania's
defence system. National companies and societies in the mining sector have already devised their own strategies regarding their
activity from 2001 to 2004. Oil and gas firms are under constant supervision in order to minimise losses and to curb arrears.
Restructuring programmes have been devised for CNH Petrosani, CN MININVEST Deva and SNC Ploiesti;
• Diagnosis analyses have been conducted for firms under the RICOP programme which lacked restructuring
programmes; thus, coordination and due diligence have been supplied for the endorsement of the resulting
restructuring programmes; the development of the economical and financial output for these firms is under constant
monitoring. The Minister of Industry and Resources has analysed and sanctioned the restructuring programme for SC
Termoelectrica SA; the Minister of Industry and Resources runs and monitors the restructuring and reform processes within the
energy sector. During SC Electrica SA Shareholders Meeting in June, the decision has been made to reorganise the firm in 8
regional branches for electricity distribution and supply. In June and July, the SC TERMOELECTRICA Shareholders Council
Meeting decided to restructure the firm by establishing two new units which to replace the existent branches: the Hydroelectric
Group and the Thermoelectric Group.
In the field of the mining industry, the reorganising, restructuring and loss reduction Programme for CN "Mininvest" Deva has been
devised; the draft has been submitted before the Board of the Ministry of Industry and Resources in July 2001. The economical and
financial restructuring programme for SNC Ploiesti has also been drawn up and it has been officially endorsed by the Management Board of
the company on the 19th of July 2001. It is to be approved by the Shareholders Council and by the leadership of the Minister of Industry and
Resources.
In order to grant the necessary financial aid for firms refitting and modernisation, the Cabinet is currently surveying the possible means to
co-finance restructuring programmes, varying from re-fitting, modernisation and financing from funds originating in privatisation, as well as
the case-by-case approval of the allotment of funds from external credits, with or without the guarantee of the Government. As the
privatisation programme of the Minister of Industry and Resources has not yet become operational, no privatisation funds exist at the
moment. Subsequent to the approval of E.O. no. 88/2001, establishing the Office of State Assets and Industry Privatisation, and since the
debate and the approval of the draft G.D. concerning the organisation and the activity of the aforementioned office have been scheduled for
the Cabinet Meeting on the 23rd of August 2001, the premises of the process have been met. As a consequence, in the mining industry, co-
financing has been established for:
• The modernisation project for the Paroseni and Vulcan pits and for the Coroiesti Processing Plant in the Jiu Valley (foreign credit
BNR-AMRO);
• The closing of 29 mines financed by the World Bank.
A total of 425.5 billion lei have been invested in order to refit the cat-cracking and catalytic gas reforming facilities at the PETROM,
ARPECHIM and PETROBRAZI branches.
Within the loan agreement with the World Bank, S.N. DEPOGAZ is currently increasing its gas storing capacity of the Bilciuresti facility from
650 cubic meters/cycle to 1200 cubic meters/cycle.
In order to rehabilitate the gas transport and distribution systems, the Ministry of Industry and Resources has devised a draft G.D. in order
to unlock the B.I.R.D. credit (project submitted by the Ministry of Public Finances for analysis and approval).
In order to finance refitting and modernising programmes for state-owned firms, the Government will devise the plan for the employment of
privatisation funds through consultations with the World Bank and the IMF; up to 60% of the funds cashed in by the Authority for
Privatisation and the Management of State Assets from privatisation will be allotted on the basis of Government-approved programmes,
according to the recommendations of the inter-ministry committee; the destination and the deadlines for these funds will be strictly
monitored. E.O. no. 79/2001 has been endorsed, providing that firms must devise monthly reports as to the degree of completion of
arrears/back payments reducing programmes and of restructuring programmes. A number of bodies have been established within the
Ministry of Industry and Resources in order to monitor the degree of implementation for measures within the restructuring programmes.
• a new representation contract is currently enforced, with much more severe responsibilities and clauses as to the
accountability of the state representative within Shareholders Councils and in Executive Boards in case of malpractice or omission
resulting in the harming of the state interests. A single person, preferably a specialist has been selected for each firm, regardless
of the size of the state-owned authorised share capital; suggestions from the local authorities and from the firm apparatus have
been taken into consideration in the process.
In order to amend the performance criteria according to which executive chairs will be selected for each firm and the management
contracts, during July 2001, E.O. 79/2001 has been approved and made public, concerning the strengthening of the economical and
financial discipline together with a number of other financial measures. According to the aforementioned E.O., the Authority for Privatisation
and the Management of State Assets (APAPS) has initiated the survey of firms balance sheets for a number of approximately 500 portfolio
firms. APAPS has approved the "Procedure for the implementation of E.O. no. 79/2001" and the "Procedure for the conclusion of
performance contracts with a view to implement E.O 79/2001".
In order to devise survey and regular reporting criteria, monthly charts for profit and loss, arrears and claims, total wages / board wages
have been established.
II. INDUSTRIAL POLICIES
Industrial policies have been aimed at restructuring and modernising the Romanian industry. During the first seven
months of 2001, measures taken in this field pursued two distinct goals: on the one hand to insure a proper
functioning of the energy system, providing heating and warm water for the populace, and to enhance the
performance and the efficiency of economic activities on the other hand.
In order to curb arrears, measures have been taken to analyse the situation of the energy sector and to come up with solutions for their
elimination.
Inter-firms compensation has been extended (in accordance with E.O.77/1999) for the entire duration of the week (as compared with two
days per week as the old system provided), in order to increase their cash levels for state budget dues. Also, through E.O. 43/2001,
amending G.O. 11/1996 concerning the budget claims regulation, facilities have been granted for budget back payments, leading to more
regular and cost-effective budget claims retrieval. G.D. no. 724/2001 sets the national reference price for heating through centralised
systems.
In order to exert a strict level of control over arrears, back payers have been disconnected from the heating and hot water networks; this
measure has been favoured especially for firms, as back payment for the populace has been rescheduled as follows:
• PETROM ceased oil supplies to PETROLSUB Suplacu de Barcau, RAFO Onesti, VEGA Ploiesti and sued for foreclosure.
• DISTRIGAZ SUD restricted consumption for 155 firms and ceased gas supplies, since the beginning of the year for some 889
firms (for some of these firms supplies have been resumed following full debt payment);
• DISTRIGAZ NORD restricted consumption for 118 firms and ceased gas supplies for 1350 households, 280 condominiums, 48
heating plants and 126 firms.
As part of the privatisation of SNP PETROM SA, the firm is to be listed at the Bucharest Stock Exchange. The advertising campaign has
been initiated and on the 3rd of September 2001, Petrom shares will be listed at the Bucharest Stock Exchange.
In order to enhance the quality of refineries output, PETROM released EURO3 petrol. Modernising and refitting is currently carried out at
the ARPECHIM and PETROBRAZI refineries in order to render fuels EU compatible.
In order to enhance the safety and efficiency of the oil transport system, the following have been adopted: E.O. no. 10/2001, amending E.O.
271/2000 on the regime of oil, petrol, liquid and condensed ethane transport, purchasing and recovery and on the emergency legal regime
of penal acts provisioned by Law 207/2001.
In order to promote competition on the electricity and heating sectors, E.O. 63/1998 on electricity and heating is under scrutiny. G.D.
710/08.08.2001 has been passed, providing the establishment of the Smart SA branch, through the reorganising of CN Transelectrica SA;
the Law on the selling of a number of facilities belonging to SC Termoelectrica SA is also to be concluded. In order to meet the technical
requirements for Romania's integration within the European interconnected electric networks system, in accordance with Measures for
Romania's integration to the UCTE, the first stages have already been completed: the preliminary stage (the surveys related to this stage
have been completed) and the second stage, the winter tests of the separate network between Romania and Bulgaria (8th Jan. - 31st March
2001). Following: further tests for the separate network between Romania and Bulgaria (1st Aug. - 30th Sept. 2001); UCTE interconnected
functioning tests for 1 year.
In the field of electricity distribution, the final decision concerning the form of restructuring has been delayed, mainly due to ample
negotiations with labour unions. Furthermore, proper mechanisms for the new management had to be devised.
During June, the Shareholders Council decided that SC ELECTRICA SA be reorganised in 8 regional branches for electricity distribution
and supply. The effects of the restructuring are to be assessed; privatisation will be pending the results of the evaluation and will be devised
in agreement with the medium term National Strategy for Romania's Energy Development, endorsed by the Government. In the field of
electricity and heating production, there are a number of uncompleted stages in the reorganising and restructuring of SC
TERMOELECTRICA SA, due mainly to:
• the delicate financial situation of SC TERMOELECTRICA SA, corroborated with the payment of fuel credits;
• ample discussions with representatives of the interested labour unions, carried out in order to reach the best reorganising and
restructuring scenario;
• meetings with the representatives of the World Bank, conducted in order to reach the reorganising requirement and the final
restructuring scenario for SC TERMOELECTRICA SA.
The strategy has been completed in June and has been submitted before the decision-making bodies of the Minister of Industry and
Resources and before firms conducting activities in the field; currently the document is being amended in accordance with resulting
suggestions. The Board of the Ministry of Industry and Resources will approve it in September; next it will be submitted before the Cabinet
for the final approval.
Within the privatisation of gas distribution, evaluation bodies have been established within distribution companies in order to complete
privatisation strategies. Currently, the reorganising strategy for groups of 4 regional companies is being devised, in accordance with the
technical and economical evaluation criteria. The privatisation of the distribution system will be initiated in 2001 with the privatisation of 2
regional companies; the process will continue until the privatisation is completed for the entire system.
The strategy concerning the organisation and the functioning of the gas market in Romania and of the implementation programme. Thus, in
June, the Romanian gas market opened by 10% through the decision of the ANRGN Chairman. Selection criteria for firms have been
regulated and they have been published in the Official Journal.
In order to devise the feasibility survey concerning the transit capacity of Romania and the interconnecting with the Bulgarian gas transport
system in the Tr. Magurele - Levski area, during the CA Transgaz SA board meeting on the 27th of July the following measures have been
decided:
• drawing up a paper on the opportunities in gas transport on Romanian soil for Serbia
• contacting the Bulgarian side concerning its stand on the interconnecting of the gas transport systems of the two countries and on
gas transport on Bulgarian soil; establishing joint actions for the devising of the feasibility study.
The project has also been submitted before the representatives of the Trade Development Agency TDA in order to list it as an objective
which can receive US financing.
As to the development of the transit capacity from the Russian Federation to other countries, in order to finalise the 2nd leg of the DN 1200
mm gas pipe at Isaccea Negru Voda (65 km.), a number of works have been conducted along the pipe designed location: 58.305 km of
ditch have been dug; 57.5 km of pipe have been welded; 55.4 km of the pipe is in position and the ditch filled in. Further action is taken in
order to insure proper working, supply and transportation condition.
In order to review the legislative framework for natural gas, and to rehabilitate the gas transport and distribution system, the Ministry of
Industry and Resources has devised a draft G.D. in order to unlock the B.I.R.D credit (the project has been submitted before the Ministry of
Public Finances for analysis and approval). In order to raise the necessary funds for gas imports, two draft Government Decisions have
been devised vouching for a 50 million USD loan for each SC DISTRIGAZ NORD SA Targu Mures and SC DISTRIGAZ SUD SA Bucuresti
(Projects submitted before the Ministry of Public Finances).
For a more efficient use of existing resources, in order to update the legislative framework on timber exploitation, processing and trading,
the Cabinet passed G.D. no 295/2001 on the maximum volume of timber to be harvested in 2001. Draft G.D.'s have also been drawn up in
order to: halt waste paper and cardboard imports; to provide mining wood and to insure a durable management in forestry; to amend G.D.
265/2001 concerning the maximum volume of timber to be harvested during 2001. In order to support superior wood processing industry,
the Ministry of Industry and Resources has devised the "The Sector Policy for Furniture Industry", under completion with the assistance on
the Ministry of Public Finances and the Ministry of Development and Forecast; the resulting paper is to be submitted before the Cabinet.
The restructuring strategy for the mining industry for 2001 to 2004 has been updated in May 2001 and is aimed at increasing the efficiency
of the basic activity by:
• curbing losses;
• modernising production facilities;
• establishing new firms by splitting a number of branches/franchises from the national companies;
• cutting back budget subsidising by providing funds necessary for modernisation;
• step-by-step integration of coal and energy producers;
• reviewing activity in the field of non-ferrous ore;
• privatising mines and quarries under favourable circumstances;
• fulfilling the objectives of the Restructuring Programme, financed by the World Bank.
In order to cut back exploitation losses in the mining industry by at least 20%, in accordance with the Agreement concluded between the
Government of Romania and the World Bank, in March 2001 mining and oil legislation came under scrutiny from Romanian and foreign
specialists in order to enhance a number of provisions and to approximate them with international regulations in the field.
Proposals for the amending of the Laws of Mines and Oil have been recently completed, following consultations with companies and
competent national societies and are currently reviewed by the Ministry of Industry and Resources; next they will be submitted before the
Cabinet for reference and then they will be submitted before the Parliament. Other measures are under completion or they have already
been completed (for instance the transfer of SC CONPET SA and of SC OIL-TERMINAL to the Ministry of Industry and Resources, due for
March 2001 has been achieved through Emergency Ordinance no. 293/29.12.2000 and respectively through E.O. no. 15/26.01.2001). The
first auction for the dismantling of 5 objectives has been organised; the actual process was initiated in July 2001. In the field of environment
protection, 5 purging facilities are under completion for closed mines, and they are to commence activity by the end of 2001, treating high
Ph mine waste water polluted with heavy metals. Next, taking into consideration the state of facts of mining companies and national
societies with losses, the Ministry of Industry and Resources submitted, within the PSAL II programme a 10% loss reduction.
Within restructuring programmes for firms involved in defence production, restructuring programmes for firms within the SPA and CN
ROMARM SA have been devised and submitted before the Prime Minister on the 18th of June 2001. Restructuring programmes for CN
ROMARM SA and SPA (facilities different from those within the CN ROMARM SA) have been endorsed by the Supreme Council for
National Defence during its meeting on the 13th of July 2001. Following its approval, the respective Government Decision will be issued.
III. INDUSTRIAL POLICIES
http://www.mdp.ro/engleza/prognosis/plan7luni/4.htm
Industrial policies have been aimed at restructuring and modernising the Romanian industry. During the first seven
months of 2001, measures taken in this field pursued two distinct goals: on the one hand to insure a proper
functioning of the energy system, providing heating and warm water for the populace, and to enhance the
performance and the efficiency of economic activities on the other hand.
In order to curb arrears, measures have been taken to analyse the situation of the energy sector and to come up with solutions for their
elimination.
Inter-firms compensation has been extended (in accordance with E.O.77/1999) for the entire duration of the week (as compared with two
days per week as the old system provided), in order to increase their cash levels for state budget dues. Also, through E.O. 43/2001,
amending G.O. 11/1996 concerning the budget claims regulation, facilities have been granted for budget back payments, leading to more
regular and cost-effective budget claims retrieval. G.D. no. 724/2001 sets the national reference price for heating through centralised
systems.
In order to exert a strict level of control over arrears, back payers have been disconnected from the heating and hot water networks; this
measure has been favoured especially for firms, as back payment for the populace has been rescheduled as follows:
• PETROM ceased oil supplies to PETROLSUB Suplacu de Barcau, RAFO Onesti, VEGA Ploiesti and sued for foreclosure.
• DISTRIGAZ SUD restricted consumption for 155 firms and ceased gas supplies, since the beginning of the year for some 889
firms (for some of these firms supplies have been resumed following full debt payment);
• DISTRIGAZ NORD restricted consumption for 118 firms and ceased gas supplies for 1350 households, 280 condominiums, 48
heating plants and 126 firms.
As part of the privatisation of SNP PETROM SA, the firm is to be listed at the Bucharest Stock Exchange. The advertising campaign has
been initiated and on the 3rd of September 2001, Petrom shares will be listed at the Bucharest Stock Exchange.
In order to enhance the quality of refineries output, PETROM released EURO3 petrol. Modernising and refitting is currently carried out at
the ARPECHIM and PETROBRAZI refineries in order to render fuels EU compatible.
In order to enhance the safety and efficiency of the oil transport system, the following have been adopted: E.O. no. 10/2001, amending
E.O. 271/2000 on the regime of oil, petrol, liquid and condensed ethane transport, purchasing and recovery and on the emergency legal
regime of penal acts provisioned by Law 207/2001.
In order to promote competition on the electricity and heating sectors, E.O. 63/1998 on electricity and heating is under scrutiny. G.D.
710/08.08.2001 has been passed, providing the establishment of the Smart SA branch, through the reorganising of CN Transelectrica
SA; the Law on the selling of a number of facilities belonging to SC Termoelectrica SA is also to be concluded. In order to meet the
technical requirements for Romania's integration within the European interconnected electric networks system, in accordance with
Measures for Romania's integration to the UCTE, the first stages have already been completed: the preliminary stage (the surveys
related to this stage have been completed) and the second stage, the winter tests of the separate network between Romania and
Bulgaria (8th Jan. - 31st March 2001). Following: further tests for the separate network between Romania and Bulgaria (1st Aug. - 30th
Sept. 2001); UCTE interconnected functioning tests for 1 year.
In the field of electricity distribution, the final decision concerning the form of restructuring has been delayed, mainly due to ample
negotiations with labour unions. Furthermore, proper mechanisms for the new management had to be devised.
During June, the Shareholders Council decided that SC ELECTRICA SA be reorganised in 8 regional branches for electricity distribution
and supply. The effects of the restructuring are to be assessed; privatisation will be pending the results of the evaluation and will be
devised in agreement with the medium term National Strategy for Romania's Energy Development, endorsed by the Government. In the
field of electricity and heating production, there are a number of uncompleted stages in the reorganising and restructuring of SC
TERMOELECTRICA SA, due mainly to:
• the delicate financial situation of SC TERMOELECTRICA SA, corroborated with the payment of fuel credits;
• ample discussions with representatives of the interested labour unions, carried out in order to reach the best reorganising and
restructuring scenario;
• meetings with the representatives of the World Bank, conducted in order to reach the reorganising requirement and the final
restructuring scenario for SC TERMOELECTRICA SA.
The strategy has been completed in June and has been submitted before the decision-making bodies of the Minister of Industry and
Resources and before firms conducting activities in the field; currently the document is being amended in accordance with resulting
suggestions. The Board of the Ministry of Industry and Resources will approve it in September; next it will be submitted before the
Cabinet for the final approval.
Within the privatisation of gas distribution, evaluation bodies have been established within distribution companies in order to complete
privatisation strategies. Currently, the reorganising strategy for groups of 4 regional companies is being devised, in accordance with the
technical and economical evaluation criteria. The privatisation of the distribution system will be initiated in 2001 with the privatisation of 2
regional companies; the process will continue until the privatisation is completed for the entire system.
The strategy concerning the organisation and the functioning of the gas market in Romania and of the implementation programme. Thus,
in June, the Romanian gas market opened by 10% through the decision of the ANRGN Chairman. Selection criteria for firms have been
regulated and they have been published in the Official Journal.
In order to devise the feasibility survey concerning the transit capacity of Romania and the interconnecting with the Bulgarian gas
transport system in the Tr. Magurele - Levski area, during the CA Transgaz SA board meeting on the 27th of July the following measures
have been decided:
• drawing up a paper on the opportunities in gas transport on Romanian soil for Serbia
• contacting the Bulgarian side concerning its stand on the interconnecting of the gas transport systems of the two countries and
on gas transport on Bulgarian soil; establishing joint actions for the devising of the feasibility study.
The project has also been submitted before the representatives of the Trade Development Agency TDA in order to list it as an objective
which can receive US financing.
As to the development of the transit capacity from the Russian Federation to other countries, in order to finalise the 2nd leg of the DN
1200 mm gas pipe at Isaccea Negru Voda (65 km.), a number of works have been conducted along the pipe designed location: 58.305
km of ditch have been dug; 57.5 km of pipe have been welded; 55.4 km of the pipe is in position and the ditch filled in. Further action is
taken in order to insure proper working, supply and transportation condition.
In order to review the legislative framework for natural gas, and to rehabilitate the gas transport and distribution system, the Ministry of
Industry and Resources has devised a draft G.D. in order to unlock the B.I.R.D credit (the project has been submitted before the Ministry
of Public Finances for analysis and approval). In order to raise the necessary funds for gas imports, two draft Government Decisions have
been devised vouching for a 50 million USD loan for each SC DISTRIGAZ NORD SA Targu Mures and SC DISTRIGAZ SUD SA
Bucuresti (Projects submitted before the Ministry of Public Finances).
For a more efficient use of existing resources, in order to update the legislative framework on timber exploitation, processing and trading,
the Cabinet passed G.D. no 295/2001 on the maximum volume of timber to be harvested in 2001. Draft G.D.'s have also been drawn up
in order to: halt waste paper and cardboard imports; to provide mining wood and to insure a durable management in forestry; to amend
G.D. 265/2001 concerning the maximum volume of timber to be harvested during 2001. In order to support superior wood processing
industry, the Ministry of Industry and Resources has devised the "The Sector Policy for Furniture Industry", under completion with the
assistance on the Ministry of Public Finances and the Ministry of Development and Forecast; the resulting paper is to be submitted before
the Cabinet.
The restructuring strategy for the mining industry for 2001 to 2004 has been updated in May 2001 and is aimed at increasing the
efficiency of the basic activity by:
• curbing losses;
• modernising production facilities;
• establishing new firms by splitting a number of branches/franchises from the national companies;
• cutting back budget subsidising by providing funds necessary for modernisation;
• step-by-step integration of coal and energy producers;
• reviewing activity in the field of non-ferrous ore;
• privatising mines and quarries under favourable circumstances;
• fulfilling the objectives of the Restructuring Programme, financed by the World Bank.
In order to cut back exploitation losses in the mining industry by at least 20%, in accordance with the Agreement concluded between the
Government of Romania and the World Bank, in March 2001 mining and oil legislation came under scrutiny from Romanian and foreign
specialists in order to enhance a number of provisions and to approximate them with international regulations in the field.
Proposals for the amending of the Laws of Mines and Oil have been recently completed, following consultations with companies and
competent national societies and are currently reviewed by the Ministry of Industry and Resources; next they will be submitted before the
Cabinet for reference and then they will be submitted before the Parliament. Other measures are under completion or they have already
been completed (for instance the transfer of SC CONPET SA and of SC OIL-TERMINAL to the Ministry of Industry and Resources, due
for March 2001 has been achieved through Emergency Ordinance no. 293/29.12.2000 and respectively through E.O. no. 15/26.01.2001).
The first auction for the dismantling of 5 objectives has been organised; the actual process was initiated in July 2001. In the field of
environment protection, 5 purging facilities are under completion for closed mines, and they are to commence activity by the end of 2001,
treating high Ph mine waste water polluted with heavy metals. Next, taking into consideration the state of facts of mining companies and
national societies with losses, the Ministry of Industry and Resources submitted, within the PSAL II programme a 10% loss reduction.
Within restructuring programmes for firms involved in defence production, restructuring programmes for firms within the SPA and CN
ROMARM SA have been devised and submitted before the Prime Minister on the 18th of June 2001. Restructuring programmes for CN
ROMARM SA and SPA (facilities different from those within the CN ROMARM SA) have been endorsed by the Supreme Council for
National Defence during its meeting on the 13th of July 2001. Following its approval, the respective Government Decision will be issued.
IV. SMALL AND MEDIUM ENTERPRISES
http://www.mdp.ro/engleza/prognosis/plan7luni/12.htm
The Government considers that the encouraging of small and medium enterprises and of the cooperation represents an important
leverage in the development of the market economy.
Actions taken during the first month of 2001 were aimed mainly at improving the legislative and administrative framework:
• In order to render the Law on the support granted to SME's operational, the Methodology for the implementation of Law no.
133/1999 has been passed through Government Decision;
• Through G.D. no. 272/2001, fines provisioned by Law 133/1999 are to be constantly increase to cover the inflation rate;
• The Minister of Small and Medium Enterprises and Cooperation and by the Ministry of Labour and Social Solidarity have
drafted a Government Ordinance concerning the organisation and the unfolding of a number of economic activities run by
individuals non-juridical entities;
• Emergency Ordinance no. 76/2001 concerning the simplifying of a number of administrative formalities on the recording and the
authorisation of trading firms and the establishment of the Unique Office within the district Chambers of Industry and
Commerce;
• A number of reunions and regional and/or national conferences have been organised in order to identify and to find solutions
for the major issues of the SME's development sector;
• The requirements of the acquis communautaire in the field of SME's have been identified and analysed.
Measures taken in order to fulfil the obligations of the Ministry of Small and Medium Enterprises as they appear within the Action Plan to
the Governing Programme:
• The initiative to create three IT cybercenter for SME's personnel training;
• The outcome of SME's development programmes and measures is constantly monitored in order to obtain the necessary data
for further programmes and for future enhancement of the SME's sector. A survey has been initiated concerning the issues and
the requirements of the banking sector and of the private SME's;
• In order to establish the statistical data bank of the Ministry of SME's and Cooperation, a series of contacts have been initiated
with: the Chamber of Commerce and Industry of Romania and of the Bucharest Municipality, the Minister of Public Finances,
the General Customs Board, the National Institute of Statistics;
• Training programmes for the personnel of the Ministry for SME's and Cooperation (MSMEC); MSMEC personnel training
programmes are provided by the Phare 2001 paper, containing a twinning convention and 2.5 million euro worth of technical
assistance; the draft of the cooperation programme between Austria and Romania has been amended and will be submitted
before the Embassy of Austria.
The following measures have been taken in order to enhance the access of SME's to financing and grants:
• "Pohl Consulting & Associates" have completed the first evaluation paper on SME's financing schemes. The draft evaluation
paper has been devised according to the surveys of SME's financing schemes unfolded up to the present moment, banks and
SME's questionnaires forms and conclusions and recommendations following the seminary on "Basic principles and optimal
means to finance SME's in Romania";
• the SME's credit scheme within the Phare RO 9809 - MARR Fund Programme, with grants for Gorj and Hunedoara districts has
become operational in February; currently, the draft protocol between the Ministry of SME's and Cooperation and the Ministry of
Development and Forecast is under completion, concerning the technical management of the programme;
• The SME's credit programme (RO 9711), will continue and will be monitored; reports will be submitted before the Office for
Payments and Phare Contracting (OPCP) and the National Fund on a monthly basis. Following the meeting with OPCP
representatives, the terms of the exit route and the report on the outcome of the scheme up to the end of July have been
completed;
• SME's financing programmes have been completed with foreign and/or state budget support: micro-credits, credit schemes,
development assistance for modern financing systems, entrepreneurial grants and the establishment of enterprises for specific
projects/activities (environment protection, research and development, innovation, technology transfer, the introduction of
quality standards);
• The national fund for the guarantee of SME's credits has been established, in accordance with Law. 133/1999; the auction for
business and management consultancy services is under completion;
• The Ministry of SME's and Cooperation has insured that a number of SME's took part in the European Community programmes
- the 4th Multiannual Programme for SME's 2001-2006. The representatives of the Ministry also participated in the Management
Committee for the Enterprises Programme of the General Enterprises Board (Brussels 3-5 May); during the meeting, the report
on the completion of the 3rd multiannual programme has been analysed and the main reference points for the new multiannual
programme have been reviewed;
• In order to prepare the SME component of the 2000 Phare programme, the auction paper has been devised, completed with
the financing contract template (between the contracting authority and the bank), the credit contract template (between the
enterprise and the bank), the grant contract template (between the enterprise and the bank) and the guaranteeing contract
template (between the bank and the guaranteeing body);
• The Agreement Memorandum between the Romanian and the Italian Governments in the field of SME's has been completed in
order to devise programmes for SME's support in collaboration with other bodies. The Memorandum lays the basis for
information and expertise exchange in devising strategies, programmes, instruments and projects in the SME's field. Also, a
number of draft programmes in the field of SME's development within the Hellenic Programme for Balkans Reconstruction have
been devised and submitted for evaluation; sub-contracting projects within the Cooperation agreement with Flanders; bilateral
programmes with France, Israel and Bulgaria are undergoing revision and selection from the foreign partners.
Measures taken in order to enhance the services offer for SME's, so that to increase the business capabilities of SME's, including on the
foreign markets:
• Critics and suggestions coming from SME's are gathered and processed within a special office established within the MSMEC.
• Existing consultancy centres and their services have been centralised within a comprehensive data-bank; the crediting criteria
have been drawn up and the Strategy for the establishment of consultancy centres network has been devised in order to
establish the national network of consultancy and information management centres;
• Within the Programme for professional training of SME's managers and employees (in accordance with Law no. 133/1999), the
conference on "The Path from Idea to Business" has been organised in collaboration with KPMG;
• In order to promote IT in the field of SME's, SME's representatives have been invited to take place in the first reunion of the
Group for the Elaboration of the Strategy for the passage to the New Economy and for the implementation of the information
society in Romania. These reunions will continue, on the basis of a questionnaire which will yield an analysis of business
incubators in Romania. State budget financing will be provided for these reunions;
• In order to encourage export and to enlarge SME's foreign markets, MSMEC transmits on a regular basis to SME's association
and prefectures all business opportunities and the programme of economic foreign delegations, as they are made public by the
Ministry of Foreign Affairs.
In the field of cooperation the following measures have been taken:
• A national programme for the consolidation and the development of the cooperative movement as been devised following
consultations with all ministries and cooperative systems. The draft programme has been drawn up, containing a set of national
measures. During the first stage of the programme, the priorities and the strategic landmarks for cooperation development have
been identified. The measures plan for the support of objectives set by the Programme has also been devised (it has been
submitted before the General Secretariat of the Government for Cabinet endorsement);
• The draft Law on Agricultural Cooperatives has been devised in collaboration with the Ministry of Agriculture, Alimentation and
Forestry, approximating the demands of EU accession. The draft Law on Agricultural Cooperatives has been endorsed by the
Ministry of Development and Forecast and has been submitted before the Ministry of European Integration for final revision.
The draft Law also regulates the organising and the functioning of the forestry cooperative system;
• In what concerns the organising and the functioning of the cooperative system for housing construction and in agriculture, a
review of European initiatives has been drawn up, and a draft Law has been devised in collaboration with the Ministry of
Agriculture, and Public Alimentation on the organisation and functioning of the cooperative system for services in agriculture;
the provisions of the draft Law have been harmonised with the requirements of EU accession.
V. THE BUSINESS ENVIRONMENT
http://www.mdp.ro/engleza/prognosis/plan7luni/2.htm
In order to improve the business environment, the following measures have been taken:
• An important step taken in order to simplify and to enhance the business environment has been the devising of Emergency Ordinance
no. 76/24.05.2001 (published in the Official Record at. No. 283/31.05.2001) concerning the simplifying of a series of administrative
formalities dealing with the record and the authorisation of firms (in the spirit of recommendation 97/344/EC of the European Commission
dating on 22nd of April concerning the improvement and the simplifying of the business environment for the establishment of firms and of
the Resolution of the Council of Europe from 30th of June 1988 concerning the enhancement of the business environment and actions to
promote firm development and especially SME's) adopted on the 17th of June 2001.
In accordance with art. 15 para. 2 of the Ordinance, the protocol concerning the information exchange circuit between the Ministry of Public
Finances and the Chamber of Commerce and Industry of the Bucharest Municipality has been concluded, to be implemented as of the 2nd of July
2001 for the entire country. This bill enforces a single simplified procedure for firm recording and establishes within each chamber of commerce and
industry a unique office, the task of which is to provide paid services on request. The registration form also represents the registration application,
filed in by the applicant with the unique office; following the application, all necessary procedures are started for the recording and the authorisation
of the firm.
Within 20 days from the filing in of the application, the registration certificate of the firm will be issued, containing the individual registration code.
The activity of the unique office speeds up the procedures of firms' registration and diminishes connected expenses. An investor will only have to
present before the office twice: first, when supplying the necessary data and paying connected taxes and secondly with issuing of the firm's
registration papers.
• In what the enhancement of the accounting and audit system is concerned, the Ordinance of the Minister of Public Finances no.
94/29.01.2001 concerning the endorsement of the Accounting Regulations harmonised with the 4th directive of the European Economic
Community and with the International Accounting Standards, the following have been sanctioned:
Regulations harmonised with the 4th directive and the listing of firms through the Bucharest Stock Exchange; some of the firms
on the Rasdaq market and the national companies required to submit the financial report for the financial exercise ending at
31st of December 2000;
Firms subject to the new regulations according to which they are required to audit the financial situation according to the
provisions of Emergency Ordinance no. 75/1999;
Criteria (turnover, output, average number of employees) to be fulfilled from 2001 to 2004 by the firms which will implement the
harmonised regulations.
• For the enhancement of the legal framework through the endorsement of the acquis communautaire in the field of industrial products, the
following measures have been taken:
Cabinet Ordinance no. 332/2001 concerning the name, the fibrous composition and the labelling of textile products, endorsing
the following directives: D96/74 concerning the name of textiles; D97/37 concerning the implementation of technical advances
in the field of textiles.
The Order of the Minister of Industry and Resources no. 113/19.04.2001 endorsing the following directives: D76/767/EEC;
common provisions for pressure vessels and methods for inspecting them; D84/525/EEC concerning seamless steel gas
cylinders; D84/526/EEC concerning seamless unalloyed aluminium and aluminium alloy gas cylinders, D84/527/EEC
concerning welded unalloyed steel gas cylinders;
Government Decision endorsing the Instructions of Legal Metrology IML 8-01 "Pre-packaging products relating to the making-
up by weight or by volume", according to D75/106/EEC, D76/211/EEC and D80/232/EEC
G.D. no. 527/2001, endorsing D73/404/EEC concerning the minimum degree of biodegradability for surface agents contained
by detergents, maintenance and cleaning products;
G.D. no. 749/26.07.2001 concerning the marketing of non-automatic weighing instruments (endorsing D90/384/EEC);
G.D. no. 670/19.07.2001 concerning the methodological norms for the implementation of Law no. 178/2000 concerning
cosmetic products;
G.D. no. 716/19.07.2001 concerning the marketing of chemical fertilisers (endorsing D76/116/EEC and D80/876/EEC);
G.D. no. 672/19.07.2001 on airborne noise emitted by household appliances (endorsing D86/594/EEC);
G.D. no. 671/19.07.2001 concerning requirements of energy efficiency and of indication by labelling and standard product
information of the consumption of energy and other resources for household electric washing machines, dryers and
combinations thereof (endorsing D96/60/CEE, D92/75/CEE and D95/12/CEE);
G.D. no. 732/2001 on the marketing of petrol and diesel fuels (endorsing D98/70/EC);
G.D. no. 662/12.07.2001 on the management of waste oil (endorsing D75/439/EEC);
G.D. 560/2001 concerning measures for the non-inclusion of one or more ingredients on the list used for the labelling of
cosmetic products in order to preserve their confidentiality (endorsing D95/17/EC)
G.D. 573/14.06.2001 on the labelling and energy efficiency of household freezers (endorsing D96/57/EC and D94/2/EC)
G.D. no. 568/14.06.2001 on technical requirements for the limitation of volatile organic compounds emissions during storing,
loading, unloading and distribution of petrol in oil terminals and petrol stations.
• The compensation of debts to the state budget has been initiated through Emergency Ordinance no. 45/2001 concerning the production
of heavy water from 2001 to 2004 within the RAAN (Autonomous Administration for Nuclear Activities) and the storage of heavy water
within the ANRS (National Administration of State Reserves), and through E.O. no. 100/2001 concerning the accumulation of 3 million
tons of coal within the ANRS during 2001. The action is undergoing analysis from the Ministry of Public Finances for the devising of the
compensation mechanism.
• In order to support the development of environment-protection industry (machines, equipment, de-polluting installations, waste recycling)
a series of proposals have been submitted before the Ministry of Education and Research concerning the support of projects aimed at
developing products and technologies for environment protection, financed from the budget of the MENER programme - Environment,
Energy, Resources within the National Plan for Research, Development and Innovation;
• In order to identify the proper solutions for the improvement of Romania's business environment, the Ministry of SME's and Co-operation
has organised, on 12th of July 2001 the Reunion for the release of the preliminary Report Candidate Countries Best for Romania. The
symposium has been attended by representatives of ministries, NGO's, European Commission, the Delegation of the European
Commission to Romania and of embassies. On the basis of discussions, amendments and alterations have been brought to the report;
• Currently, the mechanism for the expansion of debt compensation mechanism to all firms is being devised and under analysis; debts
towards the state budget, the budget of social security and local administration budgets will be included within the system in order to curb
financial deadlock.
In the field of competition and state aid a series of measures have been taken as follows:
• In order to achieve a clear-cut separation of the domains under state regulation, Emergency Ordinance no. 36/2001 has been adopted,
concerning the regime of prices regulated with the supervision of the Office of Competition. This Ordinance restricts the regulation
domain to prices and fees for natural monopoly-related activities of autonomous administrations or with a legally established special
regime, with the supervision of the Office of Competition. For public utilities prices and fees (electricity, heating and natural gas),
regulated by competent authorities (ANRE, ANRGN), as well for prices supervised by the Office of Competition, an adjustment
mechanism has been devised, insuring their dependency on the consumption price index or on the exchange rate for Romanian leu to
US dollar; according to each case; concerned firms are also encouraged to take cost-reducing measures. At the same time, during July,
"Government Ordinance no. 669/2001 has been endorsed concerning criteria and methods of regulated prices and fees adjustment,
established under the supervision of the Office of Competition and the correction coefficient reflecting the advantage of consumers",
through which service providers and importers are determined to adjust prices and fees to a level lower than the evolution of the
adjustment parameter, to the benefit of consumers;
• In order to efficiently implement the provisions of the Competition Law no. 21/1996, the Office of Competition is unfolding a series of
investigations concerning alleged transgressions perpetrated against this Law, initiated following complaints coming from various firms;
• On 3rd of July 2001 the unfolding of the Twinning Programme has been initiated; within this programme, through actions undertaken by
the Romanian Office of Competition and Council of Competition by the one hand and by the German Ministry of Finances and by the
Italian Authority of Competition on the other hand, the fulfilment of criteria for EU accession in the field of competition and state aid is
pursued;
• On demand from the European Commission - the General Board for Competition - the assessment of the decision-making process at the
level of the Office of Competition has been taken; the resulting paper will be a very important one as to the overview on the progress
recorded by our country in implementing the competition legislation, under the context of Romania's EU accession negotiations;
• On the 7th of June 2001, Law no. 289/2001 has been passed, amending Law no. 11/1991 concerning the fight against disloyal
competition, granting new prerogatives for the Office of Competition in the field of competition regulation;
• In order to curb speculative inflation, the Office of Competition undertook several market surveys for a number of alimentary commodities,
where the various practices involved suggested that competition suppression was likely. At the same time, the supply and demand for
various sectors is scrutinised, along with the overall evolution of prices within the economy; measures are submitted in the event that the
results of the surveys or any other circumstances suggest that competition suppression is possible, according to Law of competition no.
21/1996, aimed at fighting speculative inflation;
• In order to implement Law no. 143/1999 concerning state aid and the connected secondary legislation, the Office of Competition has
completed the Record and the Report of state aids granted in Romania from 1996 to 1999; the Report has been submitted before the
ministries for comments, and is to be submitted before the Cabinet for final approval. At the same time, the Office of Competition has
initiated a set of measures aimed at increasing the awareness of central state bodies granting state aids as to the provision of Law no.
143/1999 on state aids, drawing special attention of the necessity to brief the Office of Competition on any state aid grant. The Office of
Competition has initiated a set of measures aimed at increasing the awareness of firms receiving state aid, as to the necessity of drafting
periodic reports concerning granted state aid as well as of supplying data concerning the economic effects on the business environment
of unfolding programmes, according to Government Ordinance no. 599/2000 dealing with the endorsement of reporting, monitoring and
information procedures on the implementation of Law no. 143/1999 concerning state aids. According to the protocol signed with the
Chamber of Commerce and Industry of Romania and of the Bucharest Municipality, updated in February 2001, the Office of Competition
insures a permanent connection with the business environment on issues related to competition and state aids;
• In order to strengthen and to enhance the managing capabilities of the competition and state aid legislation, the representatives of the
Office of Competition take part regularly in training programmes in the EU through the TAIEX Office of the European Commission and
through the Twinning Programme. At the same time the staff of the Office of Competition has been supplemented through G.D. no.
277/2001 in order to strengthen the institutional framework.
THE IMPLEMENTATION STAGE OF THE ACTION PLAN FOR THE FIRST QUARTER OF 2001
A. Evolution of the economy in the first quarter 2001
The evaluation of the activity carried out in the first three months shows that the commitments assumed through the Government program have
been observed and, most important, that the measures, proposed and taken, in order to better focus and fasten the economic reform were correct
and have allowed the re- launch of economic growth. The analysis of the achievements of the first quarter regarding the main social and economic
factors argues the truthfulness of the Action Plan of the Government program, thus justifying the proper settlement of priorities. The special
attention granted during this period to supporting and stimulating measures for the small and medium size enterprises sector, as the main way to
recover the Romanian economy, has already started to produce its effects, especially in the industrial production and the number of wage earners,
thus, implicitly in the level of the unemployment rate.
Industrial production has maintained a positive growth, beyond annual forecast. In March 2001, as compared to the previous month, the industrial
production was 11.5% higher, in absolute volume, which has lead to a 13% growth compared to the same period of 2000. Considering the number
of working days of the compared periods, the adjusted index of the industrial production has been 116%.
This increase continues the positive evolution from 2000, while the industrial policy measures have favoured the achievement of dynamics higher
than the previous year. The increasing trend scored starting of March 2000 supports the argument of an enduring growth in industrial production.
Especially significant is the fact that the production scored achievements in the manufacturing industry in terms of increased efficiency. In the
first three months this year, the manufacturing industry has achieved an increase of 17.1% compared to the same period of the previous year. As
an effect of increased efficiency and improved production structure, the power consumption have been lower, thus the production of electric and
thermal power, gas and water has decreased by 3.9%.
Added to this were the export deliveries of industrial goods, which have been maintained to a high level. In the first three months, they reached
26,098 billion ROL, representing 22.7% of the industrial goods delivered during that time, compared to 20.6% export deliveries in the total amount
of industrial goods delivered in the first three months of 2000.
In the same time, stocks of finished articles have been lowered to 35.4% of resources compared to 38.6% in February and 39.2% in January. At
the end of March 2000 these stocks were of 38.8% of resources.
1. Another proof of the durable character of economic growth is the quantitative, but mostly structural evolution of exports and imports. For
the first two months, the exports of goods increased, in value, by 19% as compared to the same period of the previous year, respective
a level of 1,826.5 million dollars, compared to 1,535.4 million dollars.
Monthly export evolution
mil.$
1200
1000
800
600
400
ian feb mar apr mai iun iul aug sep oct nov dec ian feb
2000-2001
It is worthwhile to stress out that the export’s dynamic was supported during this period by the significant increase of the machinery building
industry’s exports (47.2%), whose share in total export was 3.9 percentage points higher than in the same period of last year. Altogether, the
chemical and light industry products increased their share in total exports, due to superior dynamics.
Although the imports of goods increased with 45.4% in the first two months of this year compared to the same period of 2000 (+ 754.9 million
dollars) it is important to notice that the greatest contribution to this increase belonged to machine building industry’s imports of products.
M o n th ly im p o r t e v o lu tio n
m il. $
1300
1100
900
700
500
ia n fe b m ar apr m ai iu n iu l aug sep oct nov dec ia n fe b
2 0 0 0 -2 0 0 1
In the first two months there were imported with 239.9 million dollars more than in the same period of the previous year (+49.7%); out of this the
import of electrical machines and appliances represented an extra amount of 116.4 million dollars, the import of mechanical machines and gears an
extra amount of 58.8 million dollars, the import of optical instruments and gears, 33.1 millions dollars. Due to specific needs of the cold season, but
also to the raised requirements of industry, a supplementary import has been recorded, also in the case of mineral products (inclusive energetic),
respective 212.9 million dollars.
The import structure for the first 2 months of year 2001 by CAEN branches that are potential consumers shows the following evolution as compared
to the same period of the year 2000:
Imports for production have grown by 49.1 %;
Imports for investment have grown by 46.7%;
Consumer goods imports have grown by 22.2%, their share in the total imports being of 72.4% for production, 1.8 percentage points higher, 17.2%
for investment, 0,2 percentage points higher and 10.4% for consumer goods, 2 percentage points lower.
The inflation rate, after a level of 3.7% in January, has been drawing back every month, reaching 2.0% in March. In the first quarter, the monthly
average inflation rate was 2.7%.
The contribution of different price categories to the general inflation raise was different, according to each goods/services category’s share in
population consumption. As a result, although services’ tariffs have recorded the highest increase, they only had a 1.8 per cent contribution in the
growth of consumer price index:
As a result, the food price increase (9.7%) is higher than the general consumer price increase for the time taken into consideration (8.2%),
reflecting the unfavourable weather conditions’ influence for agriculture in 2000, also noticeable in the first part of 2001; accordingly, the
contribution of this food category to the increase of the consumer prices during the considered period represents approximately half of the total
price raise (4.2 per cent out of a total of 8.2 per cent).
Likewise, the increase of tariffs for services (11.1%) is higher than the general increase of consumer prices (8.2%); but, this category’s contribution
is only of 1.8 per cent of the general change in consumer prices (due to the lower share held by the services category in the goods and services’
structure used to calculate the CPI); this evolution was caused mainly by the increase in phone service fees, recorded in January this year.
On the background of a low agricultural output, the increase of 9.7% of the food prices was caused by more significant increases in some basic
products:
Milling and bakery products 13.4% (flour 11.4%, bread 14.7%);
Meat and meat products 13.5% (beef 16%; pork 12.9%, poultry 11.9%, meat products 12.6%);
Fish and fish preserves 12.2%;
Milk and dairy products 14% (milk 15.1%, cheese 14.7%, butter 12.2%)
Sugar and sugar products 12.2% (sugar 14.5%).
In the same time, for other food categories there were recorded: less significant price increases, under the consumer price index for foodstuffs
(potatoes 6.1%, beans 5.2%, fruit and tinned fruit 6.2%) or price reductions (for edible oil – 0.9%, eggs – 17.7%).
The inflation course on the first three months is within the frame of evolution of 25% forecast for the year 2001.
It is important to acknowledge that the increase foreseen for the price of electrical and thermal power have been taken into consideration in the
annual forecast (in April, for instance, the estimated inflation rate was higher than the February and March ones, respective of 2.5%).
INCREASE IN END USER PRICES AND
DEPRECIATION OF THE NATIONAL CURRENCY
FOR THE FIRST THREE MONTHS
- %-
dec. previous year = 100
100
50
40
33.5
30
20
12.7
10
8.5 8.2
6.7 6.6
0
1999 2000 2001
Increase in end user prices
depreciation of the national currency
Dr. Radu-Adrian Mlesnita
Cluj-Napoca, 31.05.02
Bibliography: Public Documents of the Romanian Government, Ministry of Development and Prognoses, Ministry of
Industry and Resources, Ministry of SMEs and Co-operatives, Department of Foreign Trade and Economic
Promotion