Romania will sign an agreement with the next European Commission so that in seven years it will reach the 3% governmentdeficit required under the Maastricht Treaty, Prime Minister Marcel Ciolacu said on Tuesday.He was asked by journalists if taxes will increase next year and what will happen to the government deficit."First of all, we had an agreement with the European Commission for three years, from a historical deficit of 9.2%, the highest in Europe, unimaginable for any government, and we promised that within three years we will reach 3%, in a year when access to European funds was huge, in which you closed a past financial year, 2016 - 2020, where you had the obligation to come up with 15% of funding you had the current financial year, which had started after a year to have mature projects and you had the investments from the National Recovery and Resilience Plan (PNRR)... How can you promise, in Romania's most important moment of development, a deficit of 3%? Truly, what the commission told us and we have respected and will respect it this year too - under no circumstances should we have a consumption-triggered deficit. (...) We have reached a dialogue with the commission and, of course, with the next commission we will sign the agreement to have a seven-year entry into the deficit under the Maastricht Treaty of 3%, with a 0.74% annual decrease. That shows that no one wants to increase any tax or rate," Ciolacu said. According to him, the measures to be taken to curtail tax avoidance will continue, based on digital transformation and risk modules developed through artificial intelligence."We need an orderly Romania; when I said that, everyone laughed. It is necessary to see what priorities are in investments, so that public money is redirected where it multiplies rapidly in the economy. (...) Everything is done after risk analyses."Ciolacu on Tuesday participated in the release the 22nd edition of the work "White Paper of SMEs in Romania".
The corporate branch in Romania of PKO Bank Polski, the leader of the Polish banking system, will begin its operational activity on the local market in 2025, according to Ziarul Financiar. The Romanian daily announced in October 2023 that PKO Bank, the largest bank in Poland, with assets equivalent to 70%...
The Romanian Ministry of Energy announced that it notified the Foreign Direct Investment Review Commission (CEISD) regarding the transaction through which Hungary's state-owned energy group MVM intends to acquire the gas and electricity supply division of E.ON Energie Romania,...
At the monetary policy meeting of January 15, Romania’s central bank (BNR) maintained the monetary policy interest rate at 6.5%, which was in line with expectations. Amid persistent inflation risks and with no budget plan drafted by the government, the monetary authority thus prioritized a cautious stance over the need to encourage economic growth. “We […]
Ford Transit & Tourneo Courier, Ford Puma, and the new Dacia Duster led Romanian car production to a record volume of over 560,000 cars, according to calculations by Ziarul Financiar based on information from the car market and Ford Otosan's stock exchange report. The volume thus brings a 10% increase...
Romania's industrial output in the 12 months to November 2024 contracted by 2% y/y, according to data published by the statistics office INS. The contraction was slightly softer (-1.6% y/y) in the core manufacturing sector, with the segment of utilities (-4.4% y/y) dragging down the overall performance. Most likely, the industrial output in Romania ended […]
A film festival presenting films awarded by ecumenical juries of international festivals and an exhibition centering on the book as an art object are among the options on the Bucharest agenda. In Bucharest: Filmikon January 18 – January 24 The second edition of the event screens a selection of films awarded over the years by […]
