Basescu hailed the completion of negotiations on the treaty on stability and convergence in the Economic and Monetary Union as “extremely positive”.
“We still have to clarify how we are to introduce in the Constitution the obligation to observe a structural deficit of maximum minus 0.5% of GDP,” Basescu said.
He added it is very important that Romania has until end next year to amend its Constitution but did not rule out the possibility for at least 12 EU states to ratify the treaty by the end of this year, which would shorten the time-frame.
“Of course, the treaty could take effect sooner. (…) I don’t rule out the possibility that 12 states may ratify it before January 1, 2013. I want to believe Romania will be one of those 12 countries,” Basescu said.
Twenty-five EU member states have joined and will sign the fiscal compact treaty, EU council president Herman Van Rompuy announced. The two EU members that didn’t join the treaty were Great Britain and the Czech Republic.