President Basescu To Reconfirm Romania Wants To Join Fiscal Union Pact

Without this reconfirmation, Romania will not be able to participate in drawing up the fiscal project, which will be validated by the EC in March.

According to the European Council, eurozone states and six other countries outside the eurozone, including Romania, will sign by March an intergovernmental fiscal treaty.

The head of state announced Sunday evening he informed the European Commission that Romania will join the pact, and added the Parliament is the one to decide on the matter.

One of the fiscal rules agreed upon in Brussels states structural deficits should not exceed 0.5% of the gross domestic product, said Basescu. The pact does not force Romania to amend its fiscal legislation, as long as the country observes deficit and government debt caps, he added.

Basescu pointed out that Romania must transpose the new financial regulations into its Constitution and firmly rejected the Opposition’s proposition that they be transposed into the national legislation through a special law.

Basescu met with ruling coalition leaders and the representatives of the Opposition at the Presidential Palace Wednesday for talks on signing up for the pact. The Romanian Democratic Liberal Party, part of the ruling coalition, said it supports Romania’s accession to the fiscal union pact.