The European
\nCommission has again referred to the economic situation in Romania, at present
\nthe only EU Member State targeted by the excessive deficit procedure (EDP)
\nbased on evolutions prior to the pandemic. The warning comes as the Commission
\nhas published a set of general fiscal, financial and economic recommendations
\nfor each Member State. Brussels does not want to take other similar actions in
\nthe upcoming period, Commission vice-president Valdis Dombrovskis says, arguing
\nthat a re-assessment of criteria to meet debt and deficit targets will be made
\nthis autumn and next year in spring. In particular, the Commission wants Member
\nStates to comply with recommendations in the European semester, vice-president
\nDombrovskis also pointed out, adding that investments should be doubled by a
\nvery firm control of current spending. <\/p>\n
<\/p>\n
<\/p>\n
As regards Romania, the European
\nofficial said our country’s budget deficit for 2022 complies with the EU
\nCouncil recommendations, which is why the EDP is kept in standby. But since
\nthere are substantially larger risks for the current year, more efforts are
\nneeded to attain the set targets, Valdis Dombrovskis went on to say. According
\nto European officials, Romania is overspending at present, and needs to bring
\nthe budget deficit below 3% by 2024. The Commission’s recommendation is that
\nthe government should cut support measures in the energy sector, which are
\ncurrently in place until the end of 2023, and use the resulting savings to
\ncurtail the deficit. Another recommendation is to ensure efficient governance
\nand consolidate administrative capabilities so as to allow for a continuous,
\nswift and constant implementation of the recovery and resilience plan. Romania
\nwas given six months to solve all the issues signaled by the Commission with
\nrespect to certain milestones or targets in the National Recovery and
\nResilience Plan, which it has not properly fulfilled. State Secretary with the
\nMinistry of Investments and European Projects, Carmen Moraru explained that
\nonly the funds earmarked to these projects can be suspended, not the entire
\n\u20ac2.8 bln representing the second installment disbursed to Romania. Referring to
\nthe current phase of its implementation, Carmen Moraru said the plan stipulates
\nfunding contracts worth \u20ac26 bln, addressing the ministries of development,
\ntransports, education and the environment, which launched major projects. (VP)<\/p>\n
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Romania’s overspending is becoming a problem, the European Commission has warned<\/p>\n","protected":false},"author":108,"featured_media":93837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[29053,37635,36094,32723],"coauthors":[],"class_list":["post-95819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-european-commission","tag-excessive-deficit-procedure","tag-national-recovery-and-resilience-plan","tag-valdis-dombrovskis"],"acf":[],"yoast_head":"\n