The Council of Europe Group of States against Corruption (GRECO) today (August 8) published a report on Romania assessing progress made in implementing the recommendations issued to the country in the Fourth Round Evaluation Report in 2015 on the prevention of corruption in respect of members of parliament, judges and prosecutors and under the ad hoc Rule 34 Procedure introduced in 2018 addressing concerns brought about by a series of judicial reforms in 2017. GRECO concludes that Romania has implemented satisfactorily or dealt with in a satisfactory manner eight out of thirteen recommendations contained in the Fourth Round Evaluation Report, and all recommendations in the Follow-up to the Ad hoc (Rule 34) Report. With respect to members of parliament, it is highly regrettable that no progress has been made with respect to the five outstanding recommendations since the last compliance report. It is important that the transparency of the parliamentary process be further improved and that the use of urgent procedures be reduced. Conflicts of interest and rules on how MPs engage with lobbyists still need to be introduced and a system of independent counselling for MPs to seek advice on integrity matters also needs to be put in place. With respect to both judges and prosecutors, the efforts made to increase the role of the Supreme Council of Magistracy and the Judicial Inspectorate in responding to risks for the integrity of judges and prosecutors have now been positively noted in the implementation of the new laws on the Judiciary adopted and enacted in 2022. Their implementation so far is promising, however GRECO encourages the Romanian authorities to remain vigilant. GRECO welcomes that legislative measures have been taken that largely comply with the two remaining recommendations addressed by GRECO in this Rule 34 (Ad hoc) Procedure. Notably, the new laws on the Judiciary of 2022 went towards providing stronger independence for prosecutors and their operations in the law. They also provided for clarity and predictability as regards liability of judges and prosecutors for judicial errors. As regards the independence of the prosecution service, GRECO takes note that there is work in progress with respect to additional safeguards being introduced, resulting from the work of a Romanian panel of high-level experts, which addressed outstanding Venice Commission recommendations, several of which refer to the issue of the independence of the prosecution service. GRECO welcomes the progress made with respect to judges and prosecutors and encourages the Romanian authorities to continue their efforts regarding the work in progress and to keep it informed on the follow up given to it.
Romania’s Cătălina Ponor is one of the four gymnastics legends to be honored at the 28th annual International Gymnastics Hall of Fame (IGHOF) induction ceremony on May 17, according to an official announcement. The event will be held at the Petroleum Club in Oklahoma City. The 2025 IGHOF inductees are Beth Tweddle, Andreas Wecker, and […]
Value vouchers contributed over RON 32 billion to Romania’s Gross Domestic Product in 2023, which represents more than 2% of the national GDP. According to a study conducted by the Bucharest University of Economic Studies (ASE), value vouchers, including meal vouchers, holiday vouchers, gift vouchers, and cultural vouchers, have played an essential role in supporting […]
The European Bank for Reconstruction and Development (EBRD) has committed EUR 15 million to Morphosis Capital Fund II, a private equity fund supporting small and medium-sized enterprises (SMEs) and lower mid-market companies in Romania and across Central and Eastern Europe (CEE). Managed by Morphosis Capital Partners, the fund aims to provide equity financing as an […]
Simtel Team (SMTL), an engineering and technology group listed on the Main Market of the Bucharest Stock Exchange and one of the national leaders in renewable energy in Romania, aims to issue corporate bonds worth EUR 30 million. The company’s management has convened the Extraordinary General Meeting of Shareholders for April 24-25, to request approval […]
About 46% of Romanians believe that what they currently buy is only the bare minimum to ensure their daily living due to inflation. In the last month, Romanians spent the most on food products (89%), utilities (82%), personal hygiene products (73%), home care products (67%), and medicines or supplements (66%), according to a Reveal Marketing […]
The Bucharest office market recorded its lowest level of deliveries in two decades in 2024, with only one major project completed, according to the annual report published by Colliers. Total rental demand fell by 18% compared to the previous year, but new demand remained at a similar level to 2023. At the same time, more […]
