The European Commission has decided to start the macroeconomic imbalance procedure (MIP) for Romania (and Portugal), two of the 16 countries identified in November 2014 as recording economic imbalances, on Wednesday announced the EC in a press release.
‘Romania records macroeconomic imbalances which require monitoring and actions at the political level. During the three consecutive programmes with the European Union and the International Monetary Fund, the external and internal imbalances were reduced significantly. Notwithstanding, the risks following the clear negative situation of the international investments and a petty export capacity on the medium term, needs attention. Moreover, the financial sector’s stability was maintained so far, yet external and internal vulnerabilities still exist in the banking sector,’ the EC press release reads.
As a whole, 16 European countries are having opened the MIP, in various stages. As from Wednesday, Romania is placed in the 2nd stage out of sixth MIP stages.
PM Ponta: “EC imbalance procedure places Romania in honouring company”
Prime Minister Victor Ponta commented on Thursday the European Commission announcement of the Macroeconomic Imbalance Procedure (MIP) for Romania by pointing out it places the country in the ‘honouring company’ of Belgium, the Netherlands, the United Kingdom, Sweden and Finland.
‘Following the analysis by the European Commission, the following categories of countries were established: countries with serious problems in terms of macroeconomic imbalance – Romania is not there; countries with excessive deficits – again, we are not there, as there is a lot to go to three percent, we have achieved 1.8 percent; finally, the category where Romania stands in a honouring company, namely alongside Belgium, the Netherlands, the United Kingdom, Sweden and Finland, countries that improved their macroeconomic balance, but still have measures to this effect,’ Ponta said after a visit at the Military Hospital of Bucharest.
He asserted that Romania has to keep taking measures to strengthen the macroeconomic balance, just like other states do.
The European Commission announced on Wednesday the opening of the MIP for Romania and Portugal, two of the 16 countries where economic imbalances were identified in November 2014.