Romania meets terms for excessive deficit procedure to be annulled

Romania meets the terms to be removed the excessive deficit procedure, and the procedure is to cease after the 2012 budgetary results are notified, and Eurostat validates the figures in April 2013.

In compliance with the release Romania’s Public Finance Ministry (MFP) sent to Agerpres, EU Commission Vice-president Olli Rehn, during the ECOFIN Council in Brussels, where Romania was deputized for by Minister delegate for Budget Liviu Voinea, highlighted that Romania fulfills the terms to step out of the excessive deficit procedure, which means a budgetary deficit lower than 3 percent of the GDP, in 2012, and that it has credible prognoses to keep the deficit beneath 3 percent of the GDP, in 2013 and 2014.

‘Having the excessive deficit procedure ceased is the confirmation that Romania’s fiscal consolidation is sustainable, and the Government fulfills the budget policy commitments it assumes,’ MFP release reads on.

The Romanian official emphasized that is required that clear criteria should be found to get the reforms assessed. The enactment of the ex-previous coordination must happen gradually, and have a margin of maneuver for each EU Member State contingent on their specificity, and it should have in view only the major reforms with an impact on the single market and the well functioning of the Economic and Monetary Union, concomitantly observing the prerogatives of the Member States.

On the special occasion of attending the ECOFIN meeting, Minister Liviu Voinea held working meetings with EU Commission’s Vice-president Olli Rehn, the EU Commissioner for Financial Programming and Budget Janusz Lewandowski, and Lithuania’s FinMin Rimantas Sadzius, who is to preside ECOFIN starting July 2013.

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