If the main economic causes which have led to the sovereign loans boom are connected to the budgetary deficit
and current account increases, implicitly to the rise in Romania’s internal and external financing requirements, we
consider that at their origin there were extra economic factors, which have proved to have a major impact. These
were errors of economic policies, with a multiplying adverse effects, among which: expansionary budgetary policies;
ignoring the phenomenon of deepening the financial imbalancesfor years and the risk of FDI flows slowing down by
which these ones were financed; the lack of appropriate logistics in order to absorb European structural funds which
could compensate partially the growing financing gap covering; the incapacity to notice the signs of the global crisis
occured in the early 2007 and to foresee the potential effectson Romania; the lack of reaction to the crisis shock
which hit Romania and the inability to adopt post-crisis policies and measures capable of mitigating the adverse
effects and to relaunch the economy as soon as possible