Romania's incoming prime minister Mihai Razvan Ungureanu rang the changes at the economy and finance ministries Wednesday when he unveiled his new government. Ungureanu, 43, told reporters he would call a confidence vote on the new cabinet and its economic programme on Thursday.
Ungureanu, head of Romania's foreign intelligence service, was tapped by President Traian Basescu to form a government after Prime Minister Emil Boc resigned Monday amid anger that brought thousands of protesters onto the streets over cutbacks at the end of January. He named 31-year-old US university graduate Bogdan Dragoi as finance minister and handed Lucien Bode, an engineer, the economy portfolio.
The core of the outgoing government remains largely unchanged, with several key ministers including Justice Minister Catalin Predoiu and Foreign Minister Cristian Diaconescu keeping their jobs. "The new government brings together young people and exceptional professionals," Ungureanu told reporters.
Romania's governing coalition make-up of Liberal Democrats (PDL), the Hungarian Minority (UDMR) and the National Union for the Progress of Romania (UNPR) will remain unchanged. The Tufts University-educated Dragoi, who has been secretary-of-state in the finance ministry since 2009, was behind several successful euro and dollar bond placements over the past two years. Bode, who replaces Ion Ariton as economy minister, has virtually no experience in macroeconomy.
Ungureanu is bringing nine newcomers into the government, with an average age of 38, prompting national media to describe the cabinet as the "junior league." "The new Prime minister is sending the substitutes on the pitch," said the daily Ziarul Financiar.
But financial analyst Aurelian Dochia hailed a "a generation change that could mark a major moment" in Romanian politics. Dochia stressed that the new government should remain committed to implementing a 2011 agreement with the International Monetary Fund (IMF) and the European Union.
"Without it Romania would have no credibility on financial markets and would have a hard time borrowing the 16 billion euros it needs in 2012 to finance its public deficit," he told AFP. Under the arrangement, Romanian authorities pledged to keep a tight lid on public spending.