Iohannis: Romania, one of the largest economic growth in the EU, yet imbalances are widening

Romania currently has some of the highest rates of economic growth at European level, but it is also witnessing a widening of imbalances in terms of macroeconomic sustainability, according to a message by President Klaus Iohannis to the opening of a convention of the Congress of the Body Romania's Expert Accountants and Chartered Accountants (CECCAR) in the context of the 100th anniversary Romania's Greater Union and 97 years of regulated accountancy profession.

According to a press statement released by the Presidential Administration, the message was delivered by Cosmin Marinescu, presidential advisor at the Department of Economic and Social Policies.

"The business of CECCAR members contributes to ensuring a sound economic climate. Prudence and fairness are not just words, but guiding principles that lead you and organise your activity. With a tradition of almost 100 years in Romania, the accountancy profession plays a key role by the support, solutions and guidance provided to the business environment, alongside the other professions in the economic field, such as auditors, assessors, tax consultants and the legal profession, such as lawyers and insolvency practitioners. These chartered professions are defining for the market economy and its performances. Only through close co-operation among the actors of the economic community, both in the chartered professions and in the directly productive area can Romania consolidate its economic performance through sustainable convergence with the other member states of the European Union."

Iohannis points out the importance of the opinion of the body of accountants on the Romanian economy.

"The post-crisis period has been one of challenges to our economy. At present, Romania has some of the highest rates of economic growth at European level, but there are also some imbalances in terms of macroeconomic sustainability. Your expectations and those of the companies for which you are work for a predictable and sustainable climate are fully justified. Therefore, you should not neglect the role you have as professionals in identifying and communicating solutions that lead to such a milieu. You know very well that it is not sound for a company to borrow on a long-term basis to finance current expenditures, and the same rationale can be extended to the national economy: allocation of resources to the detriment of investment is not a sustainable model of economic development. Sooner or later, perpetrating such approach will lead to the limitation of growth opportunities. That is why debating public policies and possible solutions, in all seriousness and responsibility, is not only a right, but also a duty of all political and economic actors, and your word is very important," reads the presidential message.

At the same time, Iohannis also references the big global trends of digitisation, cloud technologies and artificial intelligence that are becoming increasingly more present in accounting as well.

"Innovations, such as optimising bookkeeping by using artificial intelligence, are real opportunities that call for flexibility and vision. So, I welcome the inspired choice of the theme of today's congress because the sustainable future of your profession depends directly on these concerns and guidelines."

Iohannis also references the fact that in the centennial year the accountancy profession celebrates 97 years of activity in Romania.

"Although we are currently facing a significant reduction in the number of high school graduates, the number of students registered for bachelor's and master's degree programmes is still growing at the major universities around the country. Good training and integrity in your profession are valuable assets, which make CECCAR a recognised and respected brand with the local business community as well as with public policy makers. Congratulations on your work and, and a lot of success!," says the president. AGERPRES (RO - author: Daniel Florea, editor: Florin Marin; EN - author: Corneliu-Aurelian Colceriu, editor: Adina Panaitescu)