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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.

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