 He became Finance Minister when the Boc executive came into office following the 2008 election.The beginning of his term coincided with the onset of a financial crisis in Romania, leading him to vow a rewrite of the state budget with up to 15% cuts in salaries for government employees, and to warn that Romania's GDP could fall by 6.5% in 2009.He also promised a complete rewrite of the fiscal code, aiming to make it simpler and more transparent, and reduce the number of taxes on businesses and individuals.