The Council also terminated excessive deficit procedures for Italy, Latvia, Lithuania and Hungary.
Following the move, 16 of the EU’s 27 member states remain subject to the excessive deficit procedure, down from 24 during a 12-month period in 2010-11, the Council said in a statement.
Romania has joined the list of EU countries with excessive deficit in 2009, when it recorded a budget gap of 9% of GDP. The deficit was subsequently reduced to 6.8% of GDP in 2010, to 5.6% of GDP in 2011 and to 2.9% of GDP in 2012.
“Based on a no-policy-change assumption, the European Commission’s 2013 spring forecast projects deficits of 2.6% in 2013 and 2.4% in 2014, thus remaining below the 3% of GDP reference value,” the Council said.