EC to launch excessive deficit procedure against Romania

The European Commision will launch on Wednesday the excessive deficit procedure against Romania for exceeding the allowed budgetary deficit of 3% of GDP, a European official declared, quoted by Reuters. Similar measures will be taken against Poland, Lithuania and Malta.

Next week’s European Commissioner’s meeting agenda are scheduled to tackle the issue. The EC decision needs to be approved by the EU Finance ministers, ECOFIN (the next reunion is scheduled for June 9).

The European Commission estimates that Romania will register a 5.1% deficit of GDP this year and 5.6% of GDP in 2010. In 2008, Romania registered a 5.4% deficit. EU Commissioner for Monetary Affairs Joaquin Almunia announced on Monday the European Commission’s decision to launch the procedure against Romania.