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April 21, 2021

ECB: BNR workers will not donate 25pc of wages for budget recovery

The European Central Bank (ECB) has declined the Finance Ministry’s proposal to be allowed to cut Romanian National Bank (BNR) salaries by 25 per cent. The requests of the Ministry of Finance have actually caused some intense debating at BNR where employees were expecting to be forced to ‘donate’ a quarter of their income to help public budget recover. ‘On June 18, 2010, ECB was requested by the Romanian Ministry of Finance to issue an opinion on a law setting forth measures deemed necessary to rebalance the national budget. ECB was not consulted therefore, on June 9, 2010, it sent a letter to the Romanian Government, warning it of its existing obligation to consult’, the ECB statement reads.

According to the same document, ‘ECB had been requested to issue an opinion on a law that had already been adopted and also before the Romanian Constitutional Court ruled it unconstitutional. As long as ECB was consulted at an advanced stage in the law-making process, it would like to emphasise that, in cases of exceptional urgency not allowing regular consultation time, the authority that requests the opinion may indicate the urgent character in its request and may ask ECB to issue an opinion in a shorter period.’

In what regards the changes or implementation measures subsequently adopted in connection with the law, the obligation to consult ECB must be observed. It is especially important to do so as article 17, paragraph (2) of the law seems to be indicating the possibility of subsequent legislative measures affecting BNR staff, the document also says.

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