ECONOMY FINANCE&BANKING

Romania finalises process of adopting first file in area of economic and financial affairs

The Romanian Presidency of the Council of the European Union finalized the process of adopting its first file in the area of economic and financial affairs, namely the Regulation as regards the minimum loss coverage for non-performing exposures (NPL), informs the Ministry of Public Finance (MFP) .

Recording significant progress in the area of financial services represents a priority of Romania in the Economic and Financial Affairs Council.

“It is a promising beginning of term at the Presidency of the Council of the European Union. I am convinced that we will make a good impression and show that the teams of experts from the Ministry of Public Finance as well as other relevant ministries are prepared and will rise to the performance level expected from a successful presidency,” Minister of Finance Eugen Teodorovici underlined.

The six files currently in the trilogue are at different stages of progress. The Romanian Presidency is also finalizing the process of adopting the Cross-Border Payments Regulation (CBP), the one concerning the Pan-European Personal Pension Products (PEPP) and the Risk Reduction Package in the banking sector.

According to the MFP release published on the institution’s website, the Romanian Finance Minister already met in Strasbourg with Pervenche Beres and Othmar Karas, co-rapporteurs on the file on the review of the European System of Financial Supervision and members of the Committee on Economic and Monetary Affairs (ECON) in the European Parliament.

At the same time, the Romanian Minister of Finance also discussed with Isabelle Thomas, a member of the Budget Committee of the European Parliament, about the negotiations on the multi-annual financial framework. The two officials agreed to try to move forward as far as possible the negotiations between the Council of the European Union and the European Parliament, especially with regard to sectoral proposals for which a general approach or a partial mandate has already been established during the Austrian Presidency.

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