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.
In the context in which agri-food systems are responsible for almost one third of global greenhouse gas emissions, Auchan Romania assumes an active role in the transition of its supply chain toward a more sustainable model. At the second edition of the Climate Supplier Event, organized under the aegis of the Climate Change Summit, the […]
Janiva Magness, the winner of seven Blues Music Awards following 26 nominations, and nominated for a Grammy for a career spanning 17 albums, is set to perform at the 14th edition of the Brașov Jazz & Blues Festival, which will take place between August 14–16, 2026. Magness is one of the most valuable and influential […]
Auction house Artmark announced a major auction for this winter featuring an engraving created by Francisco Goya, the most important Spanish artist of the late 18th and early 19th centuries. Romania's late communist leader Nicolae Ceaușescu received this gift from King Juan Carlos I as a gesture of diplomacy. The engraving entitled “The Engagement – Capricho […]
Authorities managing Romania's Bicaz Gorges–Hășmaș National Park has built a fish ladder system on the Bicaz River, which will allow protected species to migrate and reproduce. There are several bridges and small bridge structures in the Bicaz River that have a “bottom sill,” meaning small waterfalls. Fish that do not jump like the trout cannot […]
The far-right opposition parties in the Romanian Parliament are set to file a motion of no confidence against the government headed by prime minister Ilie Bolojan. The motion, authored by senator Ninel Peia of the Peace – Romania First group, is specifically aimed at the reformist party Save Romania Union (USR), and is entitled “Romania […]
Romania's iconic rock singer Adrian Pleșca, known as “Artan,” died on Tuesday, December 2, after a fatal stroke, at the age of 64. The artist founded the well-known band “Timpuri Noi” in 1982 and “Partizan” in 2001, and was popular on the Romanian rock scene. Over the years, he left and returned to the two bands. Several […]
