ECONOMY FINANCE&BANKING

FinMin Teodorovici at the ECOFIN meeting: European Council’s recommendations regarding the medium-term budgetary objective should consider each country’s situation

The recommendations of the European Council regarding the medium-term budgetary objective should take into account the specific situation of each member state, Minister of Public Finance Eugen Teodorovici stated.

Teodorovici participated on Tuesday in the last meeting of the Economic and Financial Affairs Council of the EU (ECOFIN) before Romania takes over the rotating Presidency of the Council of the EU, on January 1 2019. This meeting agenda included topics such as the taxation of digital services, the strengthening of the Banking Union, the implementation of the Action Plan for the approach of non-performing loans in Europe and European Semester 2019.

“Moreover, there were adopted the recommendations of the Council for correcting the significant deviation from the trajectory for adjustment in reaching the medium-term budgetary objective in Romania and Hungary. Mr. Eugen Teodorovici underscored that the recommendation should consider the specific situation of each member state and their needs in the economic development process and in reducing economic gaps,” reads a release of the Ministry of Public Finance.

Finance Ministers of the European Union did not reach a general agreement on the introduction of an intermediary tax on certain incomes resulted from digital activities, which led to the shaping of the alternative of adopting a solution regarding only the taxation of online publicity.

The Romanian Minister gave assurance that “the Romanian Presidency of the Council of the EU is prepared to continue the work done so far in this file and it will explore the options for the rapid advancement of such aspects still to be discussed.”

Moreover, Teodorovici underscored that the options discussed in the context of the taxation of digital economy must focus first of all on the interests of the European citizens, which matter should be very clearly stipulated in the joint French-German statement.

On the other hand, the Finance Ministers adopted the report of the Austrian Presidency (PRES AT) regarding the progresses made related to the Banking Package in the trialogue with the European Parliament (EP). The European Commission in November 2016 presented the legislative package that includes measures meant to reduce risks, with the purpose of strengthening resilience of credit institutions and investment companies that operate in the EU financial sector. This was adopted by the ECOFIN in May 2018.

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