The creation of the Euro+ pact has been decided and there were six states outside euro that agreed to join euro+ pact including Romania, President Traian Basescu announced on Friday at Brussels where he also attended the Spring European Council. Rights to levy taxes remain a national right otherwise a country like Romania would not have joined, the President said.

The chief of state announced at Brussels that the European Stability Mechanism will be instated starting January 1st 2013 and will be functional starting June 2013. Regarding Libya, the European Council decided to accelerate humanitarian aid assistance, protection of civilians and support for democratic aspirations of the Libyan citizens, Basescu said.

The Council approved procedures to increase the level of sanctions for Libya, including blocking oil product sales to cut any financial means of the regime, Basescu announced. Regarding Japan, all EU member states committed to implement the most modern technologies in the nuclear sector.

His main statements:

  • The council was dominated by economic matters. 
  • What it the most important, I think, is the fact that the decision to modify the treaty for the creation of the European Stability Mechanism was adopted  
  • It regards the famous modification of article 136 of December since the council decided to start procedures. 
  • The council approved the decision to modify the treaty Even though Romania has not been affected so far, it does not need to contribute to the formation of the fund, it was important because sooner or later we will become members 
  • Initially, we should have had a contribution of 2.3 – 2.4 billion euro. If modifications are approved, the contribution would be 1.3 – 1.4 billion euro.  
  • The European Stability Mechanism’s objectives are to guarantee the financial stability of the euro zone, replace the current mechanism valid until June 2013.