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January 18, 2022
BUSINESS

Basescu: Single Supervisory Mechanism to be set up in a year




President Traian Basescu, who participated in Brussels in the works of the European Council, on Friday stated about the Banking Union that regulations are already adopted for the creation of the Single Supervisory Mechanism, Agerpres informs.
‘By the end of the year, there should also be adopted the Single Resolution Mechanism, which is still not ready, given that the Council still needs to negotiate upon a few things. Both mechanisms, the Single Resolution Mechanism and the Single Supervisory Mechanism will come into force in about a year, as soon as all the banks in the Eurozone are assessed. A very important thing to mention is that the Council reiterated again very clearly that the non-euro states will still have access, depending on their own option, to this Mechanism, the same as they had access to the Fiscal Treaty’, specified Traian Basescu.
He voiced his hope that Romania would not miss ‘the outstanding provision’ of having access to funds through the European Investment Bank (EIB) for increasing the youth employment rate.
‘As concerns the topic of increasing the youth employment rate, progress was made in establishing the procedures on how states can access through EIB funds in exchange for guaranteeing them with cohesion funds, therefore they put half a billion and they receive thrice as much (…) from the EIB, in very goods conditions, for increasing the employment rate for youth in particular, but also for other categories. It is an outstanding facility and it should be capitalised by Romania, too, especially since one cannot know when a big outsourcing can happen.’ President Basescu said.
Moreover, he pointed out that besides the possibility of accessing funds through EIB, Romania already had EUR 500 M to manage the problem of unemployment among youth, in the period 2014-2015. As concerns the discussion held within the European Council in regards with the social dimension of the Economic and Monetary Union, Traian Basescu said the European officials did not find opportune the creation of a new instrument for monitoring the unemployment rate and the occupancy level among young people.
In another context, president Traian Basescu said that in his opinion the issue of illegal immigration challenging some of the EU member states can only be solved if the rings of those promising the West to people of countries that can no longer provide for their citizens are dismantled.
At the European Council meeting in Brussels the President of the European Commission (EC) Jose Manuel Barroso shared his concern for the development of digital economy in EU, FOCUS News Agency informs. More EU funds will be allocated for education and qualification in the field of information technologies, while the digital borders like roaming or e-commerce limitations will have to gradually drop out, the European leaders decided. Barroso also said that there is a direct dependence between the investments in the sector and the increase of competitiveness among EU countries’ economies. According to EC’s President, the digital market in Europe stays fragmented and the reform in the telecommunications sector, presented by EC in September, will help to fill some gaps.

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