The Council of the European Union on Friday opened formal procedures against EU member states facing an excessive deficit and decided to keep the existing excessive deficit procedure open in the case of Romania, DPA and Euronews report. France, Italy, Belgium, Hungary, Malta, Poland and Slovakia are the EU member states which got into the procedure of excessive deficit (PDE) and must reduce public expenditure, announced the European Commission recently.In a press release of the EU Council shows that ‘Romania who has been in procedure of excessive deficit since 2020, did not take efficient measures to correct its deficit and, as a result, the procedure should be kept open’. The purpose of the procedure for excessive deficit is that the EU member states to keep their budgets under control. In theory, the procedures can lead to fines, but it has never happened. Following the opening of the procedures, until the end of the year, the EU member states will be asked to approve the EC recommendations regarding the way of solving the issue of deficits within the approved time limit.Out of the member states in procedure of excessive deficit, in 2023, Italy had the highest budgetary deficit (7.4% of GDP), followed by Hungary *6.7% of GDP), Romania (6.6% of GDP), France (5.5%of GDP), Poland (5.1% of GDP), Malta and Slovakia (both with 4.9 of GDP) and Belgium (4.4% of GDP).In April, EU member states adopted new rules governing the level of public debt that an EU country can accumulate and the size of the budget deficit allowed. The new rules keep the debt and deficit limits set in the treaties at 60% and 3% of GDP respectively, but give countries more room for manoeuvre to negotiate their adjustment paths with the European Commission in four-year plans, which can be extended to seven years if they adopt reforms and investment. There are also common reduction targets to ensure adjustments are not delayed. Countries that exceed the debt ceiling must reduce their debt by one percentage point each year if it exceeds 90% of GDP, and by half a percentage point if it falls below that level. Countries with a deficit of 3% will still have to correct it to 1.5% to have a reserve to fall back on in times of crisis.
The fund Cultura Face Bine, a national funding mechanism for cultural projects backed by private-sector financing, will begin supporting local cultural organizations in 2026. The fund aims to support grassroots cultural initiatives with a proven impact in their communities and which need resources to continue, develop, or transform their activities. The funding mechanism has been […]
The European Commission (EC) announced on Thursday, December 11, that it is referring Romania to the Court of Justice of the European Union (CJEU) for failing to meet obligations under Ambient Air Quality Directives. According to the Commission, Romania has not ensured that its national air quality monitoring network complies with legally required standards on […]
The Bucharest Court of Appeal (CAB) held an unprecedented press conference on Thursday, December 11, in response to allegations raised in a recent media investigation published by Recorder, with court president Liana Arsenie firmly rejecting the claims. However, at the start of the press event, a judge from within the institution publicly stated that the […]
Romania’s Superior Council of Magistracy (CSM) issued its first response to the Recorder documentary alleging systemic manipulation within the justice system, calling the investigation an amplification of a “campaign to destabilize judicial authority.” The council said on Thursday, December 11, that it will evaluate what measures need to be taken following the report. In a […]
MedLife, Romania’s largest private medical services network, announced on Wednesday, December 10, that it reached a market capitalization of EUR 1 billion on the Bucharest Stock Exchange (BVB). The milestone secures its position as “the most valuable healthcare company” in the country. The achievement came nine years after MedLife’s listing on BVB in December 2016, […]
The Buzău Land UNESCO Global Geopark in Romania has become a “living laboratory” this week as a team of American researchers arrived to study microorganisms capable of surviving in extreme environments. The scientists, part of the interdisciplinary research organisation The Two Frontiers Project, are examining methane seeps, sulfur and petroleum springs, saline sources, and other […]
