Romania's President Traian Basescu: I am convinced that the solidarity principle will function at the level of the Union

The informal meeting of the 27 EU leaders in Brussels, under the Czech presidency offered Romania’s President confirmation that the solidarity principle will function at the level of the Union in time of crisis.

Basescu declared after the meeting that the main subject on the agenda was the economic crisis. Romania’s main concern was to receive confirmation that European banks will support their branches in Romania, Basescu said. He added that the Romanian banking system is stable but it still needs the aid of the main headquarters to support credit lines.

Basescu added that all available financial instruments offered are adequate at the moment and that it is very important that the government to take up the loans offered. Big states will increase their contributions to the IMF so that more funds would be available for others.

Basescu said that rating agencies should consider that EU member states will offer increased support for its member state countries, referring to the fact that Romania is oftentimes classed together with non EU member states.