The EU has extended, for Romania, the deadline for excessive deficit
Articol de Radiojurnal, 20 Iunie 2021, 02:59
The EU Economic and Financial Council has extended until 2024 the deadline by which Romania should end the situation of excessive deficit.
The procedure was initiated in April 2020, being determined by the violation of the budget deficit limit of 3% in 2019, as a result of the expansionary fiscal policy during the PSD government.
Initially, the exit deadline from the excessive deficit procedure was shorter, but the EU Economic and Financial Council concluded that extending the period would be important in order not to compromise the economic recovery from the COVID-19 pandemic.
In order to meet the new deadline, Romania should reach a deficit target of 6.2% of GDP next year, 4.4% in 2023 and 2.9% of GDP in 2024.
Translated by: Radu Matei
