Finance Minister: Romania Supports Simplifying And Clarifying Norms On Fiscal Governance

Romanian Finance Minister Eugen Teodorovici spoke in favor of a proposed reform of the EU’s Stability and Growth Pact, during an EU Economic and Financial Affairs Council (ECOFIN) meeting held on Tuesday in Brussels.

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Teodorovici stated that Romania supports the idea of implementing proposals on respecting regulations regarding the public debt of member states.

The reforms, proposed the European Fiscal Board (EFB), seek a radical simplification and clarification of norms on fiscal governance, which necessitate both the amending of EU secondary legislation and of its Stability and Growth Pact.

Among others, the proposed reform would include capping medium-term debt at 60% of member states’ GDP, setting a cap on the growth of member states’ net basic expenditures and a more powerful sanction system – currently proposed only for Eurozone states.

The SGP would have new derogation clauses from the new provisions for exceptional circumstances, which can be triggered based on independent economic assessments

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