Posted by: mbconsulting | June 29, 2010

The Reform for Pension Fund – The Third Chance..

The law for restructuring the pension fund was submitted:

first time, in October 2009 when the Boc government was dismissed, and nothing happened to the pension fund, still went on as it was;

the second time, in June 2010, when the Constitutional Court rejected as non-constitutional the law that was prepared for restructuring the fund, and again the reform was stopped.

There is an urgent need for a third chance…


The reform for pension fund is a need as the fund is not sustainable. The fund for the next period of time, as Mr. Sebastian Vladescu, the Minister of Finance, stated will affect the budget deficit with 2-3% and for the next 5 years there is estimation that the influence of the pension fund on budget deficit will be around 5%.

Because Romania fixed an important target: integration into the Euro zone, the need of restructuring the pension fund needs a consultation organised by Romanian President among the Romanian Parliament, civil society and Romanian Government.

The recent decision of the Constitutional Court that rejected the measures assumed by Romanian Government and not rejected by Romanian Parliament must be mediated by Romanian President. It is a Romanian self-defense aspect that is related with economic stability of the country, it is an important issue related with admission in euro zone, and in fact it is an external monetary relations with international community, therefore it is a need for an urgent intervention coming from the main mediator of Romania,the President of Romania, as it is stipulated in Romanian Constitution.

Because there are so many obstacles for an opened dialog between the political forces, for a practical and urgent discussion regarding restructuring the pension reform I would suggest to apply to mediation coming from external institution well-known for their professional behavior and accepted by the whole parties involved in this urgent current issue.

My opinion is that the advises coming from IMF were almost all the time well excepted by political forces, by the civil society, were moderated and therefore, why should not try to involve this institution for restructuring the pension fund? The possible outcomes to be a reform of legislation that is applicable and implemented at least for the next year.

Trust on us and beat for Romania,



  1. […] Read more from the original source: The Reform for Pension Fund – The Third Chance.. « Mbconsulting's Blog […]

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