European Commission launches excessive deficit procedure on Romania for 2008

The European Commission launched on Wednesday the excessive deficit procedure for Romania, the EC informed in a press release. European Commissioners have analyzed the economic context and relevant factors to see whether exceeding the 3% deficit threshold was exceptional and temporary, but came to the conclusion this was not the case.

Romania’s public deficit reached 5.4% in 2008, which prompted the Commission to launch the procedure. The same measure was also decided in the case of Poland, Malta, Lithuania – two months after a similar move in the case of France, Greece, Ireland, Latvia and Spain.

Authorities in Bucharest had announced the move before the Commission made an official decision in this regard.