Romania has all chances to leave the excessive deficit procedure this year

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Romania has all chances to leave this year the excessive deficit procedure which it has been subjected to by the European Commission in 2009, Claudiu Doltu, state secretary with the Ministry of Public Finance (MFP) announced yesterday during a meeting of the ECOFIN Council in Brussels. According to a press release issued by MFP, the final decision of abrogating the excessive deficit procedure would be possible in May-June 2013. Based on its own analysis and prognosis, the European Commission will analyse the possibility that Romania could have a clear and long-term trend to keep the deficit under the limit of 3 pc of the GDP. Based on this, the Commission will recommend the Council (ECOFIN) to abrogate the excessive deficit procedure in the case of Romania. At the end of last year, 20 of the 27 member states of the EU were in excessive deficit procedure, except for Bulgaria, Estonia, Germany, Finland, Malta, Luxembourg and Sweden. The decision made by ECOFIN regarding the existence of the excessive deficit in Romania was adopted in July 2009. It was determined by the fact that Romania had registered in 2008 a deficit of 5.4 pc of the GDP.