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Finance Ministry: Romania promised in Brussels budget deficit would not exceed 3% of GDP

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Finance minister Ionut Misa announced in Brussels, at the Economic and Financial Business Council that Romania “promises to take necessary measures not to exceed budget deficit of 3% of GDP”.

Ionut Misa participated in the extended Eurogroup meeting and the reunion of the EU Economic and Financial Business Council (ECOFIN) over December 4-5, 2017, held in Brussels.

“About the recommendation received by Romania, Ionut Misa showed that Romania promises to take measured not to exceed a budget deficit of 3% of GDP”, the press release issued by the Finance Ministry on Tuesday shows.

“Referring to 2017, the Romanian official mentioned that the EC autumn prognosis confirms the engagement made by Romania’s government to remain in the preventive arm of the Stability and Growth Pact. For 2018, the draft budget suggested to maintain budget deficit below 3% and Romania intends to take measures to reduce structural deficit at the same time with implementing reforms included in the Governing Programme,”the press release shows.

The ECOFIN agenda included: the Consolidation of the Bank Union, the regulation proposal about setting up a European plan guaranteeing deposits, the legislative package referring to reducing risks in the financial-banking sector, as well as the situation of non performing credits; Administrative Cooperation in the field of VAT; Council Conclusions on the EU List of uncooperative jurisdictions for fiscal purposes”; Council Decisions on implementation of the Stability and Growth Pact, including the recommendation reviewed for Romania for correcting the significant transgression from the adjustment of structural deficit; European semester 2018.

Commission representatives presented the Annual analysis of 2018 growth, the Report on alert mechanism for 2018 and a Council Recommendation on the economic policy of euro zone.

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