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.
The biggest contributor to burnout – and we do have a burnout epidemic across the world nowadays – is work stress. Many people believe it’s mainly their fault, that it’s in the way they do things, their personality, or something very personal indeed. They couldn’t be more wrong. Because the single most impactful factor in […]
Over 300 guitarists from across the country are gathering in Timișoara, western Romania, to simultaneously perform 17 songs alongside several well-known artists within the Timișoara Guitar Day – One City. One Day. One Guitar Love event. The moment is scheduled for Saturday, October 19, at 4:00 PM at Faber, Splaiul Peneș Curcanul 4-5, Timișoara, with […]
Wizz Air announced it was opening its temporary base in Chişinău, in Moldova, and will offer direct connections to 16 destinations next winter, including eight new routes. The airline is offering non-stop flights between Chişinău and Berlin, Bologna, Brussels Charleroi, Dortmund, Memmingen, Paris Beauvais and Verona, as well as the new route to Nuremberg. In […]
Romania’s executive recently approved the acquisition of 58 new short-distance trains, RE-R2 and RE-R3, with 200 and 160 seats respectively, in contracts totaling RON 3.3 billion (EUR 683 million). Prime minister Marcel Ciolacu announced the approval of the purchase. "We are approving a major investment project that connects large urban centers via modern rail transport. […]
Romania is a strategic tech hub for the operations of the Brazilian technology multinational Stefanini in Europe, the Middle East, and Africa. Farlei Kothe, newly appointed CEO of North America, EMEA, and APAC, shares more on the company's expectations for the year to come, how its growth strategy informs its recruitment plans, and its work […]
The heads of Moldova's security institutions announced on Thursday, October 17, that several hundred Moldovan citizens were trained in Russia, Serbia, and Bosnia-Herzegovina to incite street movements aimed at overthrowing the constitutional order. The head of the National Police, Viorel Cernăuțeanu, the director of the Information and Security Service (SIS), Alexandru Musteața, and interim chief […]
