CONSEQUENCES OF GLOBAL FINANCIAL CRISIS ON LONG TERM FINANCING IN ROMANIA

Lack of liquidity on the American financial market was a trigger for the financial crisis all over the world. The financial crisis tent to amplify and Romania is not the only country that feels it strongly. We can feel it here in Europe, and in Romania. Romanian export growth is slowing, even that the main customers are from European Union and not from US, and the local currency loose strength. This paper focuses on the external causes and on Romanian consequences of this financial crisis: less credit will generate slower economical growth, interest rates will increase, cuts in consuming, delay in adopting European currency, social problems as unemployment and decline of living conditions. The solution is no easy: a strong support by government to increase big investment in infrastructure using UE funds, fiscal stimulus to increase consumption demand, smart investments to allow economical growth and stimulation of savings.