BUSINESS

More complicate criteria for joining the euro zone

The criteria of accession to the euro zone might become so complicate that the accession of states could become possible only on a long term, the minister of European Affairs, Leonard Orban said Tuesday in a conference dedicated to the Single Market Week, tvrinfo.ro reports. The event was also attended by the European Commissioner for Internal Market and Services, Michel Barnier. Orban added that it is necessary to clarify the criteria used in the accession of non-euro states to the Banking Union. According to the minister, Romania constantly supported the initiatives aimed at deepening the internal market. “Isolation and protectionism are by no means a valid answer in the Union we want to construct,” Leonard Orban stated. The accession to the euro zone is achieved based on the following criteria set by the Maastricht Treaty: stability of the currency, the level of state debt and budget deficit, inflation and interests. Romania committed itself to joining the euro zone in 2015 and entering the European Exchange Rate Mechanism II during 2013-2014. Other states, like Bulgaria, Hungary, the Czech Republic and Poland, announced that they are freezing any such plan until the monetary union solves its structural issues.The Minister of European Affairs also said that Romania’s disengagement risk amounts to EUR 1 bln, plus the financial corrections until the end of 2012. In a different move Orban confirmed that he did not give up the candidacy for a position with the European Court of Auditors, adding that consultations are still being conducted “with many actors” over the vote to be held next week in the plenum of the European Parliament. Asked if he also had consultations with President Traian Basescu and the leaders of PDL or EPP, Orban did not want to comment.

Commissioner Barnier: Increasing the transparency of the bank-customer relation

The European Commissioner for Internal Market and Services, Michel Barnier said that European official will draft a regulation meant to increase the transparency of the relation between banks and their customers, saying that they must know why they pay each EUR, Mediafax reports. He added that the draft act will also aim at facilitating the simplification of transferring accounts between banks and from one country to another. The same regulation will compel banks to open accounts for customers in other countries, upon their demand. The European Commissioner for Internal Market and Services, Michel Barnier yesterday met the president of Romania, Traian Basescu, PM Victor Ponta and the minister of Economy, Daniel Chitoiu. Also yesterday came to Romania the European commissioner for Energy, Gunther Oettinger, who was received by Premier Victor Ponta and attended the opening event of the Brazi power plant.

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