European debt crisis

Nine EU leaders call for joint debt issuance for coronavirus spending

Leaders of nine EU countries including France, Italy and Spain called on the bloc to agree on a "common debt instrument" to raise funds to support the health industry in combating the coronavirus, as well as the broader economies, according to a letter seen by Reuters.

EC says Romania's government deficit will reach 6.1pct of GDP by 2021

The new pensions law is the main factor causing the rapid increase in the general government deficit up to 6.1 percent of the GDP in 2021, and the high fiscal sustainability risks, the European Commission estimated in the Country Report for Romania published on Wednesday.

UPDATE/EC: Romania doesn't comply with deficit criterion and launch of excessive deficit procedure is warranted

The fiscal budgetary strategy for 2020-2022, adopted by the Government on 10 December 2019 and sent to Parliament, stipulates a deficit target of 3.8 percent of the GDP in 2019, a figure which, according to the European Commission, provides prima facie evidence of the existence of an excessive deficit in Romania, according to a report adopted by the European Commission on Friday.

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