The macroeconomic indicators reveal a consolidation of disinflation with a certain lag, a persistent economic contraction and a significant ongoing adjustment of the external deficit, along with a worsening of foreign investors' perceptions of the Romanian economy amid heightened tensions in the domestic political field. In the monetary area it is worth noting the reduction in annual terms of credit to the private sector, especially of the RON-denominated component, as well as the fast annual dynamics of government credit. The monetary policy continued to be prudent, after the successive previous adjustments of the monetary policy rate and the firm management of liquidity have tried to ensure adequate monetary conditions, according to BNR. However, in the short run, inflationary pressures, which are due to an anticipated upward adjustment of excise duties from January 1, 2010, as well as the spread between interbank rates and the monetary policy rate are to be expected. Under these circumstances, keeping the inflation rate close to the medium-term targets and anchoring inflation expectations require a prudent monetary policy.