The European Commission decided to open an infringement procedure (INFR(2024)2247) by sending a letter of formal notice to Romania for incorrect transposition of the Mortgage Credit Directive (Directive 2014/17). The purpose of the Directive is to create an efficient and competitive single market for consumers, creditors, and credit intermediaries with a high level of consumer protection in the field of mortgage credit. The Directive requires that credit intermediaries authorised in other Member States to operate in Romania, either remotely or through a local branch. They can do so based on their authorisation in their home Member State and without any additional authorisation or registration by the Romanian authorities. The Commission considers that Romania has not properly transposed these aspects of the Mortgage Credit Directive. The Commission is therefore sending a letter of formal notice to Romania, which now has two months to respond and address the shortcomings raised by the Commission. In the absence of a satisfactory response, the Commission may decide to issue a reasoned opinion.
Romania’s profit share, defined as the proportion of value added distributed by non-financial corporations to capital rather than labour, fell for the second consecutive year to 48.1% in 2024, Eurostat reported on December 7. The ratio was 40.0% on average in the European Union, with below-average ratios in more developed countries such as France (32.2%) […]
The pension law "brutally violates the independence of the judiciary" and "de facto eliminates the service pension for magistrates," according to the reasoning published by the High Court (ICCJ) along with its decision to refer the magistrates' pensions law to the Constitutional Court, Ziarul Financiar reported. ...
The Romanian state, in a document on December 5, expressed its intention to take full control of the National Airports Company of Bucharest (CNAB), which operates Otopeni Airport and Baneasa Airport, where the minority shareholder Fondul Proprietatea has a 20% stake, Ziarul Financiar reported. The...
Romania's Interministerial Committee for Supporting the Implementation of Reform 9 (CNR9), led by deputy prime minister Oana Gheorghiu, has selected 17 state-owned enterprises from a total of about 1,500 to undergo initial screening ahead of potential restructuring or liquidation. The decision marks the first stage of a wider overhaul programme announced by prime minister Ilie […]
The retail sales volume index in Romania recovered for the second consecutive month in October, when it increased by 0.9% m/m after the 1.3% m/m advance in September – but it was far from fully recovering the 4.0% m/m plunge seen in August as an effect of higher VAT rate enforcement amid already negative consumer […]
Romania’s total market production index (TMPI), a composite indicator compiled by Eurostat that combines four short-term business statistics indicators covering most of the market economy, increased by 4.2% y/y in Q3 - the sharpest rise in seven quarters (+0.3% y/y in Q2) and twice the 2.1% average advance in the European Union. The seasonally-adjusted index […]
