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EC Launches Excessive Deficit Procedure Against 6 Member States, Except Romania

The European Commission launched Wednesday the excessive deficit procedure against six EU member states, after considering the exceptional circumstances of the ongoing sharp economic downturn, while Romania has not been yet analyzed by the Commission.EC launched the excessive deficit procedure against Greece, Spain, France, Ireland, Latvia and Malta, as all of them breached the 3% of the GDP reference value, set up in the Maastricht Treaty.

"For the Member States where the general government deficit climbed above the 3% reference value in 2008, the Commission today adopted excessive deficit reports.

Exceptional circumstances are considered where appropriate," Economic and Monetary Affairs Commissioner Joaquin Almunia said in a press release.

The EC also analyzed the Stability and Convergence Programmes of other 11 member states, not including Romania.Romanian Finance Minister Gheorghe Pogea recently said that he does not expect Romania to be sanctioned for an excessive deficit in 2009, adding that such a procedure would take place in the next year after exceeding 3% of the GDP, and only if it was not adjusted.Romania might avoid EC's sanctions if it observes its engagements of keeping the budget deficit below 2% of GDP in 2009, Pogea also said.The Romanian authorities said they would approve several measures to cut the budget expenses, to avoid the excessive deficit procedure.

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 carefully and compelled to adopt correction measures, Romania MEP Daniel Daianu declared in a meeting with Romanian journalists in Brussels.

The possible launch of the excessive deficit procedure against Romania implies that the state will be compelled 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. Moreover, the excessive deficit procedures needs to be launched as soon as possible, Centre of the European Policies director Daniel Gros declared for HotNews.ro - EurActiv.ro but that non-euro countries need to be sanctioned if they apply the procedure.

Gros declared that he would not recommend our country 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 the European institution. Romanian MEP Theodor Stolojan declared that Romania's problem is not the budgetary deficit but the disequilibrium of the balance of payments which will have to be financed.

 

Sursa: http://www.actmedia.eu

Tags: deficit romania excessive procedure states against member euro

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