CCR: Law on the Romanian gold repatriation is constitutional

The Constitutional Court rejected the complaint submitted by PNL and USR on the draft law initiated by Liviu Dragnea and Serban Nicolae which states that the National Bank of Romania (NBR) will repatriate 91.5% of the gold deposited by Romania abroad.

In the constitutional challenge to the Law amending Article 30 of the Law no.312/2004 on the Statute of the National Bank of Romania, PNL and USR claimed that the draft law was adopted without a preliminary consultation of the European Central Bank, thus breaching the obligations assumed by Romania through the Treaty on the Functioning of the European Union (TFEU) and other mandatory European regulations.

“The obligation to consult the European Central Bank regarding any amendment to be brought to the Statute of the national central bank has been established through Art.127 para. (4) of the TFEU, which states that ECB must be consulted about any act of the Union proposed in the fields related to its competences, as well as by the national authorities, on any draft law regulating the fields related to its competence, but within the limits and under the conditions set by the Council, according to the procedure established by Article 129 paragraph (4). In the fields related to its competences, ECB can present opinions to those institutions, bodies, offices or agencies of the Union or to the national authorities”, reads the complaint of the Opposition parties.

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