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European Commissioner:

Fiscal and budgetary policies remain Romania’s economic problems

Vineri, 24 februarie 2006, 0:00 Photo

The fiscal and budgetary policies are Romania’s main economic problems in the country’s EU accession context, said European Commissioner for Economic and Monetary Affairs Joaquín Almunia Friday, at the Information Centre of the European Commission.

Almunia drew attention that raising the tax level was not a formal condition for Romania, however, the Commission’s report to be issued in May will focus in depth over the implementation of the fiscal policies. He also suggested that Romania needs economic policies to correct the current account deficit and the inflation.

The commissioner said that Romania must expand the income sources to the budget, on the long term, in order to ensure investments in infrastructure, education and co-financing for the structural European funds. At the moment, Romania has the lowest income level to the budget of the 27 EU members and candidates.

"The current account deficit and the public debt are at low levels now, but this is beneficial only for a medium term. In the long run, this level of 20 per cent of the GDP will not be maintained. There is a need to identify more resources for the budget", said Almunia.

In a visit to the National Bank of Romania Thursday, Almunia criticized the low flat tax as the consequences of its implementation are negative and target a short period of time.

Political decisions regarding economic growth should be placed within a global context and adapted to the country’s economic situation, and the Romanian reality of low incomes to the budget does not agree with the flat tax level.

The Commission’s monitoring report will also take into account the International Monetary Fund analyses and reports.

The European official took this occasion to praise some of Romania’s efforts of creating market economy based on rules that clearly state the relationship between the state and the private sector, and estimated that in 2006 the economic growth will reach 5.3 per cent and 5 per cent in 2007. Nevertheless, of great concern remains the inflation level.

Joaquin Almunia, European Commissioner for Economic and Monetary Affairs, visited Romania on February 23 and 24.

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