December 11, 2024
A roundup of local and international
Newsroom, 11.12.2024, 13:55
Schengen – The full accession of Romania and Bulgaria to the Schengen area from January 1 will be on the agenda of Thursday’s meeting of the EU Justice and Home Affairs Council. Austria has recently announced that it will give up its right of veto that blocked the Schengen accession of the two countries with land borders as well. The argument was that the Austrian authorities’ insistence on combating illegal immigration led to a decrease in the number of migrants intercepted near the border of Austria with Hungary, the most frequent entry route into the country. The only uncertain thing is the maintenance, after January 1, of controls at the land borders between Hungary and Romania and between Romania and Bulgaria for a period of at least six months. These controls would be necessary to mitigate a possible change in migratory routes and to prevent any serious threat to public order or internal security. We remind you that Romania and Bulgaria partially joined Schengen with air and sea borders at the end of March.
Inflation – The annual inflation rate rose, in November, to 5.11%, from 4.67% in October, as the price of foods and non-foods rose by over 5%, and services by over 7%, show data published by the National Institute of Statistics. The National Bank of Romania has revised upward, to 4.9%, from 4% previously, the inflation forecast for the end of 2024. The national bank also anticipates that inflation will reach 3.5% at the end of 2025.
Stock exchange – The Bucharest Stock Exchange closed Tuesday’s session with all indices rising for the third consecutive day. The main index, BET, which includes the 20 most traded listed companies, grew by almost 1%. The Bucharest Stock Exchange has announced that it is exploring the options of establishing a stock exchange in Chişinău, in order to build a robust capital market in the neighboring state. Thus, the aim is to stimulate bilateral cooperation and a wider access to financing for companies from the Republic of Moldova, which, together with those from Romania, will become regional leaders over time.
Negotiations – In Romania, the Social Democratic Party – PSD and the National Liberal Party – PNL (in the current governing coalition), Save Romania Union – USR, the Democratic Union of Ethnic Hungarians in Romania – UDMR and the group of national minorities have agreed to jointly form a government and a pro-European parliamentary majority. The four parties and the national minorities, which together hold about two-thirds of the Legislature, will work on a common governing program based on development and reforms aimed at reducing public expenses and bureaucracy in the administration. They also agreed to increase the current pace of investments and reforms from the National Recovery and Resilience Plan. Regarding the presidential election, the pro-European parties have pledged to support a possible common candidate.
NATO – Romania remains firmly committed to the assumed Euro-Atlantic path, and the decision to make our own contribution to strengthening security in the region remains solid, the Romanian Defense Minister, Angel Tîlvăr, said. Together with the ambassador of the United States in Romania, Kathleen Kavalec, he visited the Mihail Kogălniceanu air base (south-east), where he met with a delegation made up of defense attachés from NATO member countries, accredited in Bucharest, and with the allied military who carry out their activity there. (LS)
