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Editorial - High hopes, modest gains

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By Cristian Cojanu
Unpredictability, volatility, hard work, little rewards. Those words came up time and again during Business Arena's 2014 Financial Leaders' Hall of Fame Awards Gala, as business leaders shared their views about the general economic trends and their financial results this year. And everyone agreed they'd had higher expectations. In his opening remarks at the 14th edition of this special awards gala, Raiffeisen Bank Romania's CEO, Steven van Groningen, pointed out that the lower interest rates had failed to trigger a boost in lending, arguing that the move had not been enough to stimulate the appetite for investments.

At the same time, he emphasized the importance of stability and well thought-out policies for the business environment. “The English have a saying: ‘you can lead the horse to the water, but you cannot make it drink.’ The same happens in the economy: banks may provide inexpensive loans, but they cannot impose on anyone to consume more or make investments. If we can't have confidence in our future, how could we expect anyone to buy an apartment, a new car, or to make an investment? For that, we need an environment that is predictable,” said van Groningen.
Similarly, in a late-November interview with Business Arena, CEC Bank President Radu Gratian Ghetea spoke of the challenges facing the banking system, as the lenders were still busy cleaning up their balance sheets.

To read the full version, see the print edition of Business Arena.

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