Gov’t, concerned with launching by EU of excessive deficit actions against Romania

Romanian Government is currently considering adopting of several measures to prevent European financing from stopping, in the context the EU has launched excessive deficit actions against Romania.

‘The worst thing is that, because of the irresponsible policy practiced by the previous government, the EU launched today the mechanism of excessive deficit against Romania. If we do not adopt now a prudent policy to cut the budget deficit below the level of last year, Romania will be sanctioned by the European Union, and it will lose financial resources.

We are found in the difficult situation to seek for balanced solutions to maintain an acceptable level of the country’s finances and we will do that,’ Prime Minister Emil Boc said on Wednesday, May 6, at the end of the government meeting.

According to the head of the Executive, there are also possible certain financial sanctions from the EU, if the Government doesn’t take ‘the rational measures’ to maintain the deficit within controllable limits or if, „by absurd’, it follows the policy of the previous Cabinet. ‘We will be in the situation not only to pay sanctions provisioned in the European norms, but also to lose the European money. And we are talking about one billion euros,’ Boc estimated.

In his turn, the Minister of Public Finance Gheorghe Pogea explained that EC will send certain recommendations to limit the deficit and placed it again between acceptable margins, recommendations to also be submitted for approval to the ECOFIN, following to be addressed to all the states EU launched excessive actions against: Latvia, Lithuania, Malta and Poland.

On the other hand, Boc admitted launching of this procedure ‘may be regarded as a very bad signal’ for a country that for seven years has seen economic growth, but which ‘failed to adopt the immediate measures to satisfy such more or less justified needs’ and he also admitted launching of this procedure affects Romania’s image on the international plan.

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