The European Commission ceased the excessive deficit procedure for Romania as it concluded that the state took the necessary measures to reduce the deficit to below 3% in 2012, a press release of the EC reads. The European Commission took the same measures for Lithuania.
The Commission considers that both countries took the necessary measures to reduce the deficit in due time. Romania needs to continue its efforts to reach the objective, EC Commissioner for Economic Affairs Olli Rehn declared.
On February 16, the Council recommended Romania to end the excessive deficit by 2012. Romanian authorities should reduce the deficit below 3% og GDP through medium term measures.