13.5 C
March 23, 2023

Convergence programme adopted

The Executive sanctioned the convergence programme during a meeting Monday evening. The paper will be sent to the European Commission. The programme includes a set of economic policy measures designed to correct the budget deficit and to solve structural shortcomings affecting economic competitiveness and actual convergence progress, Mediafax informs. In fact, last week the EC said it would assess the stability and convergence programmes filed by ten of the member states – Romania, Slovenia, Luxemburg, Malta, Denmark, Hungary, Latvia, Lithuania, the Czech Republic and Poland. After being reviewed by the Economic and Financial Committee, the EC’s assessment is then sent to the Council of the EU that, in turn, examines the document and issues an opinion on each member state’s programme. In its opinion, the Council may suggest specific action to be taken by a certain member state. Under the prevention component of the EU Growth and Stability Pact, eurozone countries prepare annual stability programmes and non-eurozone states prepare convergence programme. The aim is to safeguard reliable budgetary discipline by supervising and co-ordinating budgetary policies in the eurozone and in the rest of the EU. Romania’s convergence programme is subject to annual reviews and is sent to Brussels after being adopted by the Government.

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