In its opinion on the 2012-2014 fiscal and budgetary strategy, the Council said Romania requires additional measures to meet its 2012 budget gap target. The government wants to lower the budget deficit to 2.2% of GDP by 2014, from 4.4% of GDP estimated for 2011.
“This would entail eliminating the government general arrears and, implicitly, a substantial improvement of the financial results reported by state enterprises, so no additional deficits are created,” the Council said, mentioning that the projected adjustment was “ambitious.”
The Fiscal Council is a politically independent authority whose core activity is to provide assistance to the government in drafting and implementing fiscal-budgetary policies.
The Council comprises five members appointed for a period of 9 years.