Romania's budget deficit on the European Commission agenda

Romania’s budget deficit is on the Wednesday talk agenda of the European Commissioners College. Economic Affairs Commissioner Joaquin Almunia will recommend Romania several solutions to reduce the deficit considering that their spring estimation indicated an increase up to 3.7% of the GDP for 2008.

A presentation will be organized in order to prevent the deficit exceed the 3% threshold established by the Maastricht Treaty, Commissioner Almunia’s spokesperson Amelia Torres declared. Last spring, due to the Commission’s spring estimation, Almunia announced basically the same thing. At the time, he warned Romania that it risks to enter an excessive deficit procedure.

The European Commission adopted last year a report urging countries in difficulty to take the necessary measures in order to avoid the excessive budget deficits. The Commission estimated that Romania will register a 3.2% deficit in 2007 but last year Romania registered a 2.4% deficit.