July 14, 2018

Venice Commission issues preliminary report on the changes to the Romanian justice laws, Fitch Ratings confirms rating for Romania at BBB- stable

Newsroom, 14.07.2018, 13:27

Venice Commission — The Romanian President, Klaus Iohannis, believes that the preliminary opinion of the Venice Commission related to the changes made to the justice laws is an extremely worrying signal regarding the independence of the judiciary and calls on Parliament not to ignore these recommendations. According to the Presidential Administration, the Venice Commission confirms the points of view expressed by civil society in Romania, by the Supreme Council of Magistracy, by judges and prosecutors as well as by the Romanian president, including through notifications related to the unconstitutional character of these modifications and the requests for re-examination of these laws. The Venice Commission recommends the Romanian authorities to reconsider the modifications to the justice laws mainly in relation to the appointment and dismissal of chief prosecutors of the main prosecutors’ offices. According to these modifications, the Romanian president can refuse the appointment made by the justice minister only once and providing solid arguments. The European experts also recommend the authorities to give up the scheme for the early retirement of magistrates which would entail a massive depopulation of courts and also to give up the idea of setting up a special section for investigating magistrates. The opposition National Liberal Party has called on the Constitutional Court to take note of the preliminary report on the justice laws. Social Democrat MP Eugen Nicolicea, the president of the legal commission in the Chamber of Deputies, claims the Venice Commission’s preliminary report runs counter to a previous report related to European standards regarding the independence of the judiciary.

Fitch Ratings — The Fitch Rating agency has confirmed the ratings for Bucharest’s long term credits in hard currency and local currency at BBB-stable, shows a communiqué of the rating agency. Fitch ratings has also confirmed the F3 rating for currency on short term. The confirmation of the ratings reflects Bucharest’s robust operational performance, the moderate level of debt in relation to its operational balance and current revenues. The rating also includes the solid taxation base, due to Bucharest’s welfare level, which is substantially higher than the national average. The negative side of it is that the rating reflects the dependence of operational revenues on economic cycles and the uncertainties related to contingent debt, shows the Fitch Ratings. Following the 2016 local elections, an ambitious and modern plan for investments was adopted, with the leftist government willing to further develop the city infrastructure, mainly the road infrastructure, Fitch Ratings reports.

France — On the occasion of France’s National Day the French ambassador to Romania, Mrs. Michele Ramis, said in an interview to the Romanian public radio, that the two countries have common roots and her objective is to build a common future for theirs and Europe’s prosperity. Mrs. Ramis said that, at present, in Romania there are almost 2 thousand students from France who are studying mainly medicine, and she expressed hope that this student exchange will be intensified. In another development, trade exchanges between France and Romania increased by 4.4% in 2017 as compared to 2016, reaching 7.8 billion Euros, shows the French Chamber of Commerce, Industry and Agriculture in Romania. There are almost 3 thousand French companies operating in Romania, with a total of direct investments of 4.2 billion Euros.

Football — CFR Cluj, Romania’s football champions, and U Craiova 1948, the cup winner, are today playing for Romania’s Super Cup. The match will take place in Craiova, in southern Romania. CFR Cluj will represent Romania in the preliminaries of the Champions League while U Craiova will play in the preliminary rounds of the Europa League. In the second continental competition are also playing another two Romanian teams vice-champions FCSB, the former Steaua Bucharest, and FC Viitorul, from southeastern Romania. (translation by L. Simion)