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FinMon Dragu at ECOFIN: Fiscal predictability is key to stimulating investments

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Fiscal predictability is key to stimulating investments and implicitly the economy, Public Finance Minister Anca Dragu told the ECOFIN meeting in Bratislava, where the participants discussed, among others, the fight against tax evasion, a Public Finance Ministry release informs on Saturday. 

"I consider that in order for us to have an effective approach to the combat of tax evasion, we need to speed up the exchange of information both at EU level and in-country, among the institutions involved. Also, fiscal predictability is key to stimulating investments and implicitly, the economy," Dragu said, as cited in the statement. 

According to the document, the EU economic and financial affairs ministers gathered in the informal meeting also discussed additional tools to reduce fiscal uncertainty so that domestic and foreign direct investments are not affected. 

"Thus, in order to increase certainty, the EU plans continuing to harmonize cross-border regulations on taxation, taxation rules and mandatory advance pricing agreements, the training of civil servants in tax administrations for them to be able to deal with new global challenges, and compliance and cooperation programs. Also on the ECOFIN agenda were subjects related to the future of the EU economic policy. The investment plan for Europe, specifically aspects relating to the assessment of the implementation of the first two pillars and the next steps were also discussed," reads the release. 

The Finance Ministry states that Romania has a first 15 ml euro contract in place between the European Investment Bank and IFN Agricover, for the support of SMEs in the agricultural sector. In addition, Romania is included in two regional EIF operations with financial and banking institutions. 

On the ECOFIN sidelines Minister Anca Dragu met in Bratislava with her German counterpart Wolfgang Schäuble. 

"The two officials discussed subjects related to Romania's impressive economic growth in the second quarter, the advance of exports to Germany (by more than 10 percent in the first five months of this year compared to the same period of 2015), but also new investment opportunities for German businesspeople in our country. Minister Dragu voiced appreciation for the considerable amount of German investments in Romania, but also for the collaboration with Germany's KfW Development Bank," the cited source said. 

Minister Anca Dragu also met Finnish Finance Minister Petteri Orpo to establish initial contacts in view of Romania's holding the EU Council Presidency in 2019. 



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