Stability and Growth Pact

EU Finance Ministers Meet in Slovenia Friday Saturday to Amend Budget Spending Rules for Member States

European governments have spent hand over fist, despite ballooning public debt, to prevent the coronavirus pandemic from triggering economic calamity.

Now, the European Union faces calls to loosen its budget rules to allow the largesse to continue, but the topic is a sensitive one for many member states.

FinMin Nazare: Budget measures taken this year - enough to secure adjustment strategy's approval

The budget measures taken this year are enough to secure the European Commission's nod of approval for the adjustment strategy presented in Brussels and the return of the deficit to 3 percent of GDP by 2024, Finance Minister Alexandru Nazare said on Monday at the launch of the Bucharest Stock Exchange - Envisia Boards of Elite partnership dedicated to capital market players.

Recommendation on the Excessive Deficit Procedure in case of Romania, adopted on Friday at the ECOFIN Meeting

The Recommendation on the Excessive Deficit Procedure in the case of Romania was adopted on Friday at the Meeting of the Economic and Financial Affairs Council (ECOFIN), in Luxembourg, and our country's commitment is to return to a budget deficit up to 3% of GDP by 2024, according to a press release from the Ministry of Finance.

European Council recommends Romania to put end to excessive deficit by 2024

The European Council on Friday adopted a recommendation under the excessive deficit procedure for Romania that Romania should put an end to the excessive deficit situation by 2024 at the latest. "The Council found that an extension to the current deadline for Romania to correct its public deficit would be important in order not to compromise the economic recovery after the COVID-19 pandemic.

Daianu: Romania's economic growth to be between 6-7pct in 2021; I also notice entrepreneurial effervescence

Romania will record economic growth of between 6 and 7% in 2021, Daniel Daianu, chairman of the Fiscal Council said on Wednesday, adding that there is an economic rebound, there is public investment spending of 5.5% of the Gross Domestic Product (GDP), more than in 2020. "I believe that, indeed, the growth will be between 6 and 7% in 2021. It might as well be 7%.

Caution advised as condition to depart from fiscal balance is to be met

Ljubljana – The Fiscal Council has noted that at least one of the two conditions enabling the government to depart from the obligation of medium-term fiscal balance under exceptional circumstances will be met next year. It has thus advised caution and again called on the government to clearly define mitigation measures and quantify their fiscal effect.

NSI Preliminary Data: The Government Debt of Bulgaria for 2019 is 24 205 Million BGN or 20.4% of GDP

According to preliminary data of the National Statistical Institute the General Government Institutional Sector reported in 2019 a surplus of 2 470 million BGN or 2.1% of GDP. The surplus in Central Government sub-sector amounted 2 349 million BGN or 2.0% of GDP.

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.