Daniel Daianu: EU's excessive deficit procedure is not a sanction

It is time to dispel the myth of the excessive deficit procedure: Romania will only be monitored more carefully and the state would have to adopt correction measures, Romanina MEP Daniel Daianu declared in a meeting with Romanian journalists in Brussels on Wednesday.

The possible launch of the excessive deficit procedure against Romania implies that the state will have to adopt some corrective measures, Daianu said. He added that the state will have to correct the deficit in time, in several steps.

He underlined that the Commission will never impose a rapid correction that could be damaging on the long term.

The excessive deficit procedure needs to be launched by the Commission, but non-euro countries would not need to be sanctioned because of the procedure, Centre of the European Policies director Daniel Gros declared for HotNews.ro – EurActiv.ro.

Gros declared that he would not recommend Romania to take up a foreign loan at the moment because it will imply a major fiscal adjustment. Daianu contradicted Gros, saying that Romania should take up financial assistance from European institutions.