Google Cloud Speech-to-Text API (Chirp) + Gemini 2.5 Flash Non-Thinking. Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:37Good afternoon, everyone, I'm Cătălin Deacu and I'm presenting the economic analysis show
00:00:41"Money Today". While the governmental crisis is still far from
00:00:45being resolved, the state has come to borrow on the domestic market at high interest rates
00:00:48of over 7%, to cover current expenses.
00:00:52The leu, increasingly weaker against the euro and dollar, could bring us even higher prices
00:00:55for a wide range of products and services, in a context where Romania
00:00:59has come to rely... more and more on imports. And in energy
00:01:02we have come to import to cover consumption even during the day, because the weather has
00:01:05turned bad, and solar panels no longer have the efficiency of the summer
00:01:09months. Employees at IAR Gimbav have started protests, dissatisfied with
00:01:13the reduced level of activity and the fact that salaries have not been indexed with
00:01:16inflation, while artificial intelligence tends to become a new
00:01:32To start, we discuss our standard of living. The end of the year could bring
00:01:36even higher prices for a wide range of goods and services, and that's because we have
00:01:39a weaker leu against the euro and against the American dollar, the main
00:01:43currencies in which imports are made. And imports in the country are increasing,
00:01:47according to the latest data from the
00:01:49into account and at the same time National Institute of Statistics. Let's find out what
00:01:51products Romania has bought the most from other states.
00:01:55And we have the figures on the screen. These are data that, as I was telling you, appeared this
00:01:59morning at the National Institute of Statistics. If we look at what
00:02:02happened in the first eight months of the year, we are talking about large
00:02:06imports, especially in the component of machinery and transport equipment. Here
00:02:09imports exceeded 30 billion euros. More
00:02:13than that, we are talking about industrial goods, as you can see,
00:02:16manufactured goods, chemical products. And here we are talking
00:02:20about imports of over 13 billion euros. Last but not
00:02:23least, fuels, diesel, you see, large imports, 8 billion
00:02:27euros. And at the top of the most important
00:02:30products, we also have those that interest us perhaps the most,
00:02:33food, and here, if we talk about food, we reached imports of
00:02:377.6 billion
00:02:40reduce the deficit from euros only in the first months of this year. Of course, it's a lot and what's worrying, if we look at the
00:02:44dynamic, how imports evolved, in total, compared to
00:02:47exports, we will see that a large difference appeared in terms of
00:02:50the trade deficit. We reached, ladies and gentlemen, in the first eight
00:02:54months of the year, that's why I was telling you that our country imports more and more, with total
00:02:58imports of almost 9000. billion euros, if we look at
00:03:01exports, these are somewhere around 66 billion
00:03:05euros, and thus we have a trade deficit of approximately
00:03:0922 billion euros, and what should be emphasized here, we are talking about a
00:03:12trade deficit that increased compared to the same period last
00:03:16year by 1.4%, approximately 300 million
00:03:19euros. Now, let's see how much the Leu has fallen against the main currencies
00:03:23recently. The euro is of particular interest to us because
00:03:26imports from the European Union are made in the single European currency, and
00:03:30the American dollar because imports from Asian markets, for example from China,
00:03:33depend on the American currency. When the leu falls against these, we are essentially forced to
00:03:37pay more for the same volume of products. Let's see what our analysis
00:03:41shows because there is very interesting data. If we look in comparison
00:03:44with the dollar American. We see with the euro for
00:03:48a start, we have the euro data. Look where it reached today, 533 bani
00:03:52for 1 € under conditions where on October 1st, 1 € was
00:03:55quoted at 5.27 bani. In such a short
00:03:58time. we are talking about a difference of six
00:04:01bani between if in terms of the leu-euro
00:04:04reference rate, with the American dollar the situation is even more
00:04:08complicated, because in the same interval today a dollar that
00:04:11is worth 4 R77 bani compared to
00:04:154.67 bani it was worth a week ago. What does
00:04:18that mean? It's 10 bani in such a short time and as I was
00:04:22telling you, when the leu depreciates against these
00:04:25currencies, and we buy, we bring imported goods, we will essentially be forced
00:04:29to pay more. This is a very interesting topic that could
00:04:33hit us directly in the coming period and that is why I propose that we
00:04:36discuss it with my guests in the studio. Joining us is economic analyst Mr. Dragoș
00:04:40Huru, university professor, doctor at the Academy of Economic Studies in
00:05:00I will start with you. Please explain to us, given what is happening
00:05:04with the national currency, how high is the risk of inflation increasing by the end of
00:05:07the year, due to the fact that we are importing more and more, and the leu is weaker
00:05:11against the euro and against the American dollar.
00:05:14Uh, regarding strictly the terms of your
00:05:17question, it is clear that this apparent process of
00:05:21disinflation, due to the fact that we have included the base effect of the tax
00:05:24increase in statistical calculations,
00:05:27is accentuated by the increase in the exchange rate,
00:05:31because between the two they function largely, so as not to go
00:05:35into details that would take up too much time, they function like the principle of
00:05:38communicating vessels, at the moment when you import a lot at prices
00:05:42that are getting higher and higher, this fuels your inflation, but in fact it
00:05:45dampens the possibility of prices increasing in the end,
00:05:49because this transmission
00:05:52effect appears towards the end. It is clear
00:05:56that it takes a few months until the shock that
00:06:00we are experiencing today manifests itself, it
00:06:03could have been foreseen since May,
00:06:06March, why? Because we have at least three steps,
00:06:09we have the import. in
00:06:13which we have term contracts and then certain exchange rates,
00:06:17purchases, economic agents have planned purchases at a
00:06:20lower exchange rate, they had currency, they arrive in
00:06:23warehouses, stocks are consumed, so you still have the old
00:06:26prices, we adjust to the new price,
00:06:29through the new exchange rate in this second step, stocks
00:06:33again create a time gap, we are talking about
00:06:36the slowdown of certain products that you have hidden there in the large
00:06:40details of the class of products. for a few months over the
00:06:43summer they were not consumed and the third step follows in which
00:06:47economic agents will increase prices, but I draw your
00:06:50attention to the fact that even though the exchange rate evolves episodically, with
00:06:54large bursts of increase, the adjustment of prices
00:06:57is made gradually over time, taking
00:07:01a very large decrease in consumption, so
00:07:05perhaps we are dealing with an economic effect in which economic
00:07:08agents also accept to have a slightly
00:07:11lower profit. In total, I believe that
00:07:14inflation will no longer remain just what is announced now,
00:07:18but once with
00:07:20the desire, the fulfillment of the desire to have a government and with the budget
00:07:24rectification, we will actually have an increase in
00:07:27inflation, Mr. Florin Constantin, we see that Romania, that
00:07:30Romania imported only in the first eight months of the year food and live animals worth
00:07:347.6 billion euros, what should we expect in the coming
00:07:37period regarding shelf prices, especially for this component
00:07:41of agri-food goods.
00:07:44Well, we look very much at agricultural
00:07:47commodities, for example
00:07:50wheat,
00:07:53wheat has seen an appreciation of prices due to the logistical
00:07:57crisis in the port of Constanța, local prices have increased,
00:08:01but Romanian mills must also remain
00:08:04competitive with the price that the farmer receives for a
00:08:08throttled export, and
00:08:10then we see a possibility of it being transmitted to the price of
00:08:14bread, some tariff increases, but
00:08:17at a lower level, even if wheat has seen an appreciation of around
00:08:2125-27%, we see somewhere around 5%
00:08:25in the next quarter, potential to be passed
00:08:28on to the price of bread because wheat is not
00:08:32100% of the base price of bread.
00:08:35For dairy, again a
00:08:38very interesting situation, if globally.
00:08:44The FAO index shows a calming of dairy prices,
00:08:47Romania has a schizophrenic situation,
00:08:51it exports a little and imports a lot,
00:08:54in fact the main actors in the market do both,
00:08:58and then we import especially from
00:09:01the EU area, we import in euros, with a weaker
00:09:04leu, and again we see
00:09:07such a crisis, a risk of
00:09:10transmission. of an inflationary impulse, especially
00:09:14since fruits
00:09:16and vegetables produced locally during
00:09:20the summer, are now in a phase of diminishing supply on the
00:09:24market, we are going back to imports, and
00:09:27if these account for somewhere between 10
00:09:31and 20% of the Romanians' food basket,
00:09:34here too we can see a negative impact on
00:09:37purchasing power and an increase in prices,
00:09:41so the end of the year we do not see
00:09:44any positive elements that would enthuse us from
00:09:48the perspective of food prices on the Romanian market, the main problem of
00:09:51Romania remains the fact
00:09:55that we import
00:09:56approximately
00:09:5925%
00:10:03of food consumption and export much less somewhere
00:10:07below 20, we are in a permanent deficit of the commercial
00:10:11balance with food products, even though we consider ourselves a country
00:10:14exporting food products and this
00:10:17puts us in a permanent
00:10:21danger of inflation and prices. It's
00:10:25basically about the lack of an industrial development
00:10:28model, because I notice here too, we export
00:10:32basic products, think that in a show we discussed together the
00:10:35crisis of farmers, well as long as you export live animals without
00:10:39any processing, it is clear that you also import all products that
00:10:43imply a degree of processing, starting with wheat with the price of wheat,
00:10:47your guest and it made me think
00:10:50if we could calculate how much of the total bread consumed in Romania
00:10:54is frozen dough, meaning imported, Romanian
00:10:57wheat is worthless even if it has a good price, worthless even if it has good quality,
00:11:00high calorific value if you import it and
00:11:04you see, we import not only from the European Union, you said vegetables, we import from
00:11:07Turkey, we import with inflation, we import from Spain, which is already an
00:11:11economic model with a high degree of uncertainty, Spain has gone
00:11:15to anticipate, there we might have to pay more and so
00:11:18on, in fact the lack of industrial policy in the long
00:11:22term, the economy. reacts freely,
00:11:26but it also needs to be coordinated, coordinated in
00:11:29the sense of adjusted, not planned as before '89, but
00:11:32the term must exist and not by chance, thus we have reached a situation
00:11:36where we produce, weakly, low
00:11:40productivity, we sell cheaply and buy back very, very
00:11:44expensively, it is a model that could accentuate inflation
00:11:48and I'll skip over that, I would point it out very clearly, think that we have
00:11:51a very well-developed industry of sub-assemblies, in the
00:11:55automotive industry for Dacia Ford and not only the
00:11:59German industry which at the moment is struggling terribly in the face of
00:12:02Chinese offers. What will we do then? Because yes,
00:12:06it was good to be integrated into a production chain of value in which
00:12:09productivity and return were linked to the
00:12:12idea of a general value chain in Germany, but at the
00:12:15moment, honestly, we are not
00:12:19happy at all. Mr. Florin Constantin, you mentioned a very interesting aspect
00:12:23that even these raw materials that we... we import out of necessity because we don't produce
00:12:27enough in the country, they are also more expensive, why? What are the
00:12:30main explanations? Are we talking about drought globally, this
00:12:34energy crisis, do pump prices affect
00:12:37others quite a lot
00:12:38too?
00:12:41First of all, Western Europe is experiencing an extremely
00:12:44dry season, I was looking at the figures from France
00:12:48which has the worst corn season, being the largest corn producer in
00:12:52Europe, the worst season in the last 20
00:12:55years,
00:12:57of course, since we import everything from Western Europe,
00:13:01our processed food, imported from
00:13:04abroad, has to travel several thousand kilometers from west
00:13:08to east, to reach us, and this is done especially
00:13:12by road transport, which consumes a lot of
00:13:15fuel, diesel, and here we have a lot of
00:13:19pressure on the transport price,
00:13:23so again - similarly, the drought in
00:13:26the west also weighed on the major producing
00:13:29countries, as your guest said, Spain, Italy, from
00:13:33where we import vegetables, apart from Turkey, even
00:13:37Turkey didn't have an extraordinary season
00:13:39this year, a lot of drought, even Romania is suffering from
00:13:43drought now, even though today is a rainy day in Bucharest, until now we have been watching the sky, and
00:13:47this autumn
00:13:51drought also puts a lot of pressure on next year's
00:13:54harvests. So we already have some negative
00:13:57premises, autumn crops, wheat, rapeseed are also
00:14:01under question in Romania. In addition, let's look at the
00:14:04crisis in Iran, which is a reality, consider that in
00:14:07Romania we almost no longer produce chemical fertilizers, for example, because
00:14:11we imported from the Gulf area where we have a crisis, we imported because
00:14:15Ukraine produced based on Russia paying its debt for
00:14:19the surrender of the nuclear arsenal, and at
00:14:22the moment we have a price increase.
00:14:25an enormous increase from one day to the next on fertilizer and
00:14:29fuel prices, the price of fuel enters, enters
00:14:32all these things, and next year is a very good prediction,
00:14:36this year we are doing well, next year I think that things will
00:14:40not be as good as this year. And because you mentioned,
00:14:43dear guests, what the situation is in France, even in France, one
00:14:47of the largest European economies, there are problems and the French crisis is becoming a
00:14:59day, welcome back, what's happening is that we are in a major
00:15:03social, political, economic crisis and behold
00:15:07Prime Minister Sebastian Leocornu, placed in the situation
00:15:10of finding the best solutions and options
00:15:14for the budget for next year. How did he get into this
00:15:17situation from the health crisis from the pandemic, when
00:15:20France we know granted a lot of social aid, then followed
00:15:24the war in. Ukraine, then followed the war in the Middle
00:15:27East. All these overlapped with
00:15:29various reforms and here I would refer especially to the pension
00:15:33reform and last but not least to the large-scale
00:15:36protest of farmers, which we know
00:15:39paralyzed France for several good months, arriving in this
00:15:43situation of protests initiated by high school students who are now entering
00:15:47a new week with other protests, blocked schools,
00:15:50closed universities, teachers who solidarize with
00:15:54students and last but not least parents, who also
00:15:57support the students. It's good to say that France currently has
00:16:01a public debt of 3600 billion
00:16:04euros, that 56% of the
00:16:07gross domestic product represents public sector expenditures,
00:16:11and Prime Minister Sebastianu is facing
00:16:14the following situation: first of all, a political landscape in
00:16:17which he does not have a majority, secondly,
00:16:20he cannot make any major reforms, because,
00:16:24thirdly, the presidential elections in
00:16:27France are next year, an electoral campaign that has started de
00:16:31facto, but not de jure, and then what will he do, he is forced
00:16:35to reduce these public expenditures even more,
00:16:38announcing drastic reductions of 54 billion
00:16:42euros from the public sector. How will he do this? What measures
00:16:46are there to calm the international financial markets?
00:16:49First of all, the indexing of pensions will be abandoned, or
00:16:53there will be purely symbolic indexations for the lowest
00:16:56pensions. The Prime Minister is still considering whether
00:17:00to propose an indexation for the minimum wage next year or
00:17:03not, products based on sugar will be taxed even more. And
00:17:07here I am referring to carbonated drinks and
00:17:10to sweets that are
00:17:14sold in France and are overprocessed, he is also
00:17:17considering cutting more from revenues, increasing
00:17:21taxes, this means fewer public
00:17:24servants, fewer teachers, since we are currently talking
00:17:28about teachers' protests, and last but not
00:17:32least, in hospitals, there isn't much money here either, it's a conflict,
00:17:36a zone of conflict that intersects economically,
00:17:39socially, politically.
00:17:42France next year commits to having a deficit
00:17:46of five, approximately 5% under
00:17:48conditions where we know the European average is 3%. But I would like
00:17:52to say in the end that in any case, France is
00:17:56one of the important pillars of the European area, a founding
00:18:00member of the euro zone, that together with Germany
00:18:03it represents an engine that, even if it has stalled in recent years,
00:18:07has always managed to find a solution, and we are being offered
00:18:11more and more in France the Italian model, which under
00:18:15Giorgia Meloni managed to
00:18:18approximately 7% to 3
00:18:213.1%. All this information, Luca Niculescu is making
00:18:54was, the discussion was very open, with
00:18:58Prime Minister Ilie Boloșan, did you have any other discussions today, will he give
00:19:01any sign, there is information according to which the liberals would be inclined
00:19:04to support this six-month truce for
00:19:22every day with the leaders of the main political parties,
00:19:26so the dialogue continues. What major economic
00:19:29recovery plan did you propose? There is an economic
00:19:32recovery plan that has already been approved and will
00:19:36come into
00:19:45a conference today,
00:19:47Mr. Niculescu? Luca Niculescu, behold, statements from parliament, following
00:19:51the consultations he had with those from the Peace Group, Luca Niculescu says,
00:19:54the dialogue continues for
00:20:04fact that, behold, we all see what is happening politically, we don't have a... how much
00:20:08does this whole situation affect, including what is happening
00:20:11in agriculture on this part of the trade deficit, the fact that
00:20:14we are unable to cover the consumption
00:20:17needs from internal resources.
00:20:21Romania does not have a strategy for integrating the agri-food
00:20:24chain, unfortunately, even though a lot of money has been pumped in, almost 500 million
00:20:28euros in recent years, for
00:20:31this famous processing, the processing
00:20:34of food products in Romania is a beautiful
00:20:38myth, it stops at the shelf where the shelves
00:20:41of supermarkets in modern trade, which currently represent
00:20:4480% of food distribution in Romania or perhaps
00:20:48even more, these shelves are already occupied by
00:20:51foreign producers and to get in there you don't
00:20:54necessarily need to have just a local factory,
00:20:58but you also need to have a good price and the right
00:21:02marketing strategy and it's very difficult to beat international giants
00:21:06who are extremely attentive and extremely good at sensing
00:21:10consumer needs and addressing these needs
00:21:13addressing these needs in real time.
00:21:17so this local processing would be done. it would be much
00:21:20easier if there wasn't import competition, this is extremely
00:21:24fierce, extremely harsh, with
00:21:26local producers and often, it puts them offside, because local
00:21:30producers also don't have a culture of
00:21:33marketing agri-food products,
00:21:36that's why I don't see an extraordinary brilliant
00:21:40future
00:21:48is making statements, the minister.
00:21:53At the same time we discussed the economic recovery
00:21:57program, about
00:22:00social protection measures for vulnerable categories,
00:22:03but at the same time also about
00:22:07supporting Romanian entrepreneurs. Many of
00:22:11our ideas, I understand, are already included in the government program,
00:22:14I gave the designated
00:22:17prime minister also...
00:22:21points from our program presented to
00:22:23President Nicuș Iordan, as you know at the first
00:22:27consultation, the designated prime minister said that after
00:22:30he finishes all discussions with the other political parties and
00:22:34parliamentary groups, but after he will also have discussions with
00:22:38those from PSD, PNL or PNL, the Conservative Wing and
00:22:41UDMR, he will come up with a government
00:22:45proposal, I told the prime minister clearly that he has our support,
00:22:48as long as. "social protection measures will
00:22:52be effective and in the interest of citizens, economic
00:22:55recovery measures will lead to an increase in
00:22:59the economy and much
00:23:02higher revenues to the state budget, especially since at this
00:23:06moment it seems that over 10 billion euros are stolen from the state
00:23:10budget just from the VAT gap. Everyone probably knows who
00:23:13steals, that is, the very, very, very large ones, who
00:23:16have large law firms behind them.
00:23:20and public officials cannot fight with them because they sue them or file
00:23:24criminal complaints against them. From our point of view, we believe that
00:23:27public officials, especially those from ANAF, deserve to
00:23:30be assisted and protected by lawyers, when
00:23:34they fight or control the multinational slave
00:23:38masters in Romania with state money, because they don't have money to
00:23:41pay lawyers. Thirdly, Mr. Luca Niculescu was
00:23:44very open to reducing certain
00:23:48types of taxes,
00:23:51especially for young people, married or
00:23:55not, who can no longer afford to buy a home with 9%
00:23:58VAT, this thing, in fact, the increase to
00:24:0121% of the VAT for
00:24:04homes up to 10,000 euros led to a blockage in the
00:24:08real estate market, but also to the loss of over 3,000 jobs
00:24:11in the horizontal industries, from production, construction
00:24:15materials, works and so on. We believe that we have
00:24:19an exceptional. open dialogue and if the designated
00:24:22Prime Minister Luca Niculescu comes with a political government
00:24:26because only politicians answer to citizens
00:24:29in elections through votes, he has not said until now, until this hour, what governing formula is
00:24:33taking shape and with what parliamentary majority? He
00:24:36said he had discussions with everyone, he cannot say, he cannot tell
00:24:40the press that he has the necessary support, but he is very
00:24:44confident that he will receive the number of votes and we told him that we are very
00:24:47confident that he will also receive our votes if he...
00:25:20loyalism and implements social protection measures and
00:25:23economic recovery, you would enter this government, you would cast
00:25:27a vote if, of course, they are not Bolshevists, but Mr. Niculescu gave you to understand
00:25:31that those from USR will not enter the government or that you seemed so
00:25:34optimistic that you could vote for the government. He gave to understand, but a technocratic
00:25:37government, in which case I do not agree with a technocratic government. I was
00:25:41a deputy in the Romanian Parliament and secretary of the legal committee, and especially
00:25:45when the Cioloș government was put in place. Have you ever
00:25:48seen government members answer to anyone
00:25:52for the disasters they have caused in the country? No, they
00:25:56come as if to work, they take their salary and leave, and the people
00:25:59suffer. Politicians answer at the polls, yes. that
00:26:02this government will not pass, are you thinking of perhaps
00:26:05snap elections? as the president of the Republic, Nicușor Dan, said,
00:26:09and I also told you in the press briefings
00:26:12that there will never be snap elections
00:26:16as long as he is prime minister. I would like to leave it to Senator
00:26:19Clement Sava, the secretary of the foreign policy committee, because he also discussed
00:26:23foreign policy, a lot, Mr. Sava, please, in line with what
00:26:27my colleague Ninnel Peia presented, I want to tell you that we discussed
00:26:31the defense portfolios. and foreign affairs which are very
00:26:34important and about which he communicated to us that they will not be of
00:26:38the same low caliber as the one in the current government and in general
00:26:41we are optimistic because Ninel Peia declared in parliament after
00:26:45the meeting with Luca Nicolescu, what is important to remember
00:26:49is that those from the Pace group will support a political government, measures
00:26:52with a program that includes economic recovery measures and I quote
00:26:56a government that will not include, again I quote, USRists and
00:27:00Bolshevists.
00:27:02while, politicians do not seem to agree
00:27:06among themselves, the state has come to borrow at interest rates of over
00:27:097%, and in the interest rate market, the quotations of the
00:27:12Robor indices remained today at over 6.10% for
00:27:16all maturities. Here's what the latest figures show? If
00:27:20we look at the 3-month Robor indices, we have a
00:27:23Robor at 6.10%, a 6-month Robor at
00:27:266.15%, a 12-month Robor at
00:27:296.22% and an IRCC at 5.5.
00:27:3336% and what interests us in particular, ladies and gentlemen, look at these quotations if you go
00:27:37to the bank to take out a loan, only if we take, for example, the IRCC,
00:27:415.56%, the current value, to which is added
00:27:44a bank margin of 2.5%, maybe even
00:27:473, see how we reach interest rates of over 8% for us,
00:27:58and how it ultimately affects, Professor, what
00:28:02is happening with the leu at the current time, does it put pressure on the
00:28:05interest rate market, can a weaker leu also put pressure on interest rates here
00:28:09in the country? Categorically yes,
00:28:12but let me suggest that we start the explanation with an issue that you have not
00:28:16heard before in Romania, because we have a preference for
00:28:20local, for scandal, for invented terms, for political
00:28:23breakups, arguing over the fence in parliament,
00:28:27meaning you see you finished
00:28:31something earlier with the problems in France, we look at
00:28:34Spain, we see Italy,
00:28:37you should know that next year, if you still invite me to the show, I guarantee that we will
00:28:41discuss it in slightly different terms, because everything that is happening in
00:28:44Europe shows the failure of the common policy of the European Union, and
00:28:48not in that sense of
00:28:51an overly exalted politician who says: That's it, we're leaving
00:28:54the European Union, no, we will talk about a readjustment of the common policy, because we have not
00:28:58responded to the signals that the European economy gave, not
00:29:02even when Draghi's famous report
00:29:05showed our lack of competitiveness.
00:29:08We are talking about the similarity of problems in Romania, in France, in
00:29:12Spain, in Italy, precisely in those segments in
00:29:16which in Romania today we suffer, salaries, age,
00:29:19pensions, hospitals, teachers. It is clear that somewhere
00:29:22the European development policy has suffered and in these conditions
00:29:26the developments of the exchange rate of the RON
00:29:30will be extremely curious, because
00:29:34we are the last major European economy that does
00:29:37not
00:29:43we made a news item, those from CFA Romania warn that we could reach
00:29:475 RON 50 bani in Europe, I believe that we can even reach
00:29:51more and not only can we, but I believe that we will reach 5.5-5.6 by the end of the year, but
00:29:54why? The leu
00:29:58is a very weak currency, it is not backed by anything, neither by
00:30:02production, nor by activity, nor by
00:30:05production, and what do you know, we cannot even imagine how we could form a
00:30:08government, we do not even imagine through snap elections, and then
00:30:12the leu loses ground, in conditions where the leu
00:30:15remains the currency of a large
00:30:18economy, located outside the euro zone, it
00:30:22will not benefit from the same support and the same
00:30:25help that the economies that have the euro
00:30:29will give to the currencies in a certain area for.
00:30:32not to depreciate. So, from this point of view, the reactions
00:30:36are hard to anticipate to what is happening at the
00:30:39moment in Europe. It
00:30:42maintained a somewhat stable exchange rate, having a
00:30:45preference for the entry of external liquidity
00:30:49into the banking market, we had the largest inflows of speculative
00:30:52funds, being a happy policy at that time of the
00:30:56BNR. Why do I say at that time? Because...