Pascariu: It will take another two or three generations for things to normalise

Twenty years have not been enough for Romania to break away from its past because the same generation is in power and young people need to be raised, encouraged, and be handed over the reigns, says Dan Pascariu, one of the most respected bankers on the market.

“I am afraid two or three generations need to pass in order for things to normalise, as the experience of other countries has shown. Unfortunately, in politics party loyalty is more important than people quality, so it is a good place for opportunists. People of quality want to be able to think independently,” says Pascariu, chairman of the Supervisory Board of UniCredit Țiriac Bank.

Mișu Negrițoiu, head of ING Bank Romania, was the first to raise the issue that the political generation of the ’90s is responsible for Romania’s current situation, naming President Traian Băsescu and NBR (National Bank of Romania) governor – two constant references of the last 21 years, as the main representatives of this generation.

However, Pascariu does not share the view that Isărescu should be included in the same category as Băsescu, saying the NBR was quicker to wake up and better prepared than other state structures, although it had suffered from the same “childhood disease”.