The Government "has reached an agreement" with the European Commission on the fiscal plan to reduce the deficit, Prime Minister Marcel Ciolacu said on Wednesday, stressing that it is essential that the EC experts agreed that Romania needs the required period of 7 years to carry out major investment projects in the economy."We have reached an agreement with the European Commission on the fiscal plan. It is essential that the Commission experts agreed that Romania needs a period of 7 years to make massive investments in the economy. This is the only way we will reach the EU average in terms of development, citizens' incomes and living standard in general. There is also an agreement on the idea that if the deficit is lower than investments, then we are on a healthy trajectory," Ciolacu said at the beginning of the Government meeting.He added that, obviously, in parallel, the state "must make an effort to reduce spending, so that the economic balance be consolidated in the coming years.""Therefore, investments will grow in the coming years and we will continue to invest massively in the economy and in infrastructure," the prime minister said.But a Commission spokesperson for economic affairs told Reuters that it has agreed with Romania to extend its deadline to file the medium-term plan to Jan. 31."Since we have not received Romania's plan yet, we cannot comment on its content," the spokesperson said."Ahead of the submission of the plan, the Commission is engaging in technical dialogues with member states, including with Romania, with the objective of ensuring that the plans comply with all the requirements set out in the legislation."Romania has yet to unveil a 2025 budget plan, but analysts and ratings agencies expect some measure of tax hikes to be enforced to shore up public finances.The coalition government has raised the minimum wage and has raised state pensions twice this year.Romania has the EU's fastest rise in wage costs and its widening budget deficit is limiting the central bank's room to cut interest rates.
Chinese electronic giant Xiaomi has opened its first physical store in Romania as part of a broader strategy to strengthen its presence on the local market, with additional retail expansion planned for 2026. The new Xiaomi Store, located in Bucharest’s ParkLake Shopping Center, is the company’s first directly operated retail space in the country and […]
Romania will introduce new penalties for retailers that refuse to replace defective products, under a new law recently promulgated by president Nicușor Dan. The measure requires traders to provide a replacement within 30 days when customers report that a purchased item is faulty, whether the purchase was made in-store or online. The retailers that fail […]
Romanian saber fencer Vlad Covaliu was named the best in the world in the junior category for the second consecutive year, according to a press release from Bucharest-based CS Dinamo. The winners of the 2024–2025 World Cup were awarded over the weekend at the International Fencing Federation 2025 Congress held in Manama, the capital of […]
Romanian Finqware (17th), Questo (18th), Footprints AI (21st), and Steepsoft AI (28th) are among the fastest-growing technology startups in the region, included in the main category of the Deloitte Technology Fast 50 Central Europe 2025 ranking. The ranking measures the growth rate between 2021 and 2024. This year's ranking, now in its 26th edition, is […]
Verbund Wind Power Romania, the Romanian subsidiary of Austrian energy company Verbund, has selected a consortium comprising Prime Batteries Technology and Enevo Group for the supply and integration of a new Battery Energy Storage System - BESS with a capacity of 76 MWh and an absorption/delivery capacity of 48MW. Verbund operates a 226 MW wind […]
The union at the Automobile Dacia automobile factory in Mioveni expressed concern about the administration's proposal to reduce production, starting in January 2026. The production is reportedly planned to be reduced to 55 units per hour, from 65 units currently, according to the company's employees speaking for Europa FM, as reported by
