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08. 02. 10. - 16:00

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08. 02. 10. - 16:00

EC may extend deadline for reduction of Romania´s budget deficit

Romanian Times

The European Commission (EC) today (Mon) recommended that Romania be given until 2012 to bring its budget deficit down to three per cent of the gross domestic product (GDP).

The deadline extension would be discussed at the next Ecofin meeting on 16 February, the EC said.

Economic and Monetary Affairs Commissioner Joaquín Almunia said: "Romania has made a serious effort to limit the increase of its budget deficit and to preserve macro-economic stability during the past year.

"The worsening of the economic situation since the initial recommendations were made justifies extending the deadline by one year. But consolidation efforts must continue," he added.

Last year, the EC recommended that proceedings be launched against Romania due to a budget deficit above three per cent of GDP in 2008. The country was given until 2011 to lower its deficit.

However, in view of a "sharper-than-expected recession in 2009," the EC has revised its recommendations and proposed a one-year extension of the deadline.

Romania has pledged to bring its budget deficit down to 5.9 per cent of GDP this year, down from a deficit estimated to have been 7.3 per cent of GDP last year.

Health minister considers taxing fast food and beer
The new Health Minister Vasile Cepoi said today (Thurs) that the next Health Care Law might include a new tax on fast food and beer, local press informs.

Romania wont ratify ACTA
Romania will not ratify the highly controversial (Anti-Counterfeiting Trade Agreement)ACTA until the agreement won't be altered as to comply with demands recently formulated by the European Court of Justice, the minister of Communication Dan Nica told a press conference today (Thurs).

Romania wont ratify ACTA
Romania will not ratify the highly controversial (Anti-Counterfeiting Trade Agreement)ACTA until the agreement won't be altered as to comply with demands recently formulated by the European Court of Justice, the minister of Communication Dan Nica told a press conference today (Thurs).

Government to introduce ‘Robin Hood’ tax on oil companies
Minister of Economy Daniel Chitoiu announced today (Weds) that the government is working on a piece of legislation on introducing a supplementary tax on the exceptional incomes of the oil companies that should be passed by the year end and implemented as of 2013.

Education Minister stepps down amid plagiarism accusations
Ioan Mang, the education minister appointed only two weeks ago together with the new cabinet of Social Liberal Union (USL) leader Victor Ponta, resigned Tuesday (yesterday) night.

Brancusi’s son doesn’t want his father remains to be moved to Romania
John Moore, the only child of sculpture Constantin Brancusi, reacted to Romania’s intention to repatriate the remains of his father, saying his last will was to be buried in Paris at Montparnasse, Libertatea newspaper informs today (Weds).

Romania back in recession, growth to resume in H2
Romania officially entered recession today, following the figures published by the National Statistics Institute (NSI) that show a decrease of the GDP for two consecutive quarters (Q).

Police head sacked over underground boss runaway row
The head of the Romanian Police Liviu Popa (picture) was sacked today (Tues) by Home Affairs Minister Ioan Rus, the ministry informs.

UK Ambassador Harris says new Cabinet took right decisions so far
The UK Ambassaodr in Romania, Martin Harris says Victor Ponta’s new government got off on the right foot by making clear that its economic policy will continue to be framed within the programme agreed between Romania and the EU, World Bank, and IMF.

Carmen Sylvas x-rayed hand to be auctioned
A x-ray of the left hand of Romanian Queen Elisabeta will be auctioned in Bucharest by Artmark auction house, Libertatea newspaper informs today (Tue).