The head of state announced Sunday evening he informed the European Commission that Romania will join the fiscal union pact agreed upon by EU leaders, and added the Parliament is the one to decide on the matter. He invited parliamentary parties for consultations on signing up for the pact on Wednesday.
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.
Also, Romania will not have to revise the draft 2012 state budget, which sets a budget deficit of 1.9% of the gross domestic product.
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.