Romania’s Econ Min To Propose PM Tariceanu To Reduce Budget Expenses By EUR1.1B

Romania’s Economy and Finance Ministry will propose to Prime Minister Calin Popescu Tariceanu to cut the expenses by EUR1.1 billion from this year’s budget, without reducing however the budget destined for investments, Finance Minister Varujan Vosganian said Tuesday.

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Vosganian said last week that the government should urgently revise the budget deficit gap established for this year, as it needs to prove the European Commission by March that it would not exceed the 3% limit established in the Maastricht Treaty.

European Commissioner Joaquin Almunia said at the end of January in Brussels that the European Commission will initiate a series of legal measures against Romania if the authorities from Bucharest will not keep a better control of expenses and of the budget deficit.

By law, the European Commission can launch the excessive budget procedure if the gap exceeds the limit of 3% of GDP established in the Maastricht Treaty.

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