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March 4, 2021
BUSINESS

Almunia: Excessive deficit procedures could be started by EC against Romania

Brussels – The European Commission (EC) will adopt disciplinary measures following the failure to observe the level of 3 per cent of GDP required for the budgetary deficit by the European legislation, against several Member States, Romania included, the European Commissioner for Economy and Monetary Policy, Joaquin Almunia says yesterday, Mediafax informs. The Commission revised downwardly the prognosis related to Romania’s budgetary deficit for 2009, from 7.5 per cent to 5.1 per cent of GDP, based on the data presented by the Executive of the European Union. The EC also significantly revised downwardly the estimation on budgetary deficit for next year to 5.6 pc. In connection with the EC announcement, President Basescu afterwards said it showed ‘the rough and painful reality’ of this year’s budget. The president further noted that the state budget encountered difficulties in sustaining committed expenditures at this point and that the Ministry of Finance was frequently borrowing money to meet such costs.

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