President Basescu to attend autumn summit of the European Council

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Romania’s President Traian Basescu will be attending the autumn summit of the European Council on Thursday and Friday.

The European summit of this month is expected to take stock of the developments in implementing the decisions of the June’s European summit in the province of economic growth and the preparations of decisions regarding the consolidation of the Economic and Monetary Union to be made at a next summit meeting scheduled for December.

Talks at the summit will focus on measures to consolidate the Economic and Monetary Union and will aim at establishing a framework that will integrate budgetary and economic policies. The European leaders will also approach the establishment of a Banking Union.

Following a meeting in Brussels with President of the European Commission Jose Manuel Barroso and President of the European Council Herman Van Rompuy, Basescu said he assured the two officials that Romania will be a member of the future Banking Union.

He said the main reason for Romania wanting to be a member of such a banking union is that, although it is not a member of the Eurozone, 85 percent of Romania’s banking market is shared by banks from the Eurozone.

‘Romania cannot stay outside the decision-making bodies as long as the banks operating on its soil are preponderantly from the Eurozone,’ Basescu explained back then.

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