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| EU Convergence Report |
| (2012-05-31) |
| Last updated: 2012-05-31 13:33 EET |
The European Commission has just issued its views of the economies of the 27 member states, evaluating their national convergence and reform programs between 2011-2015, and issued its recommendations. The European Commission government called on member states to continue applying measures for fiscal stability and economic growth.
EU countries, including Romania, that are involved in assistance programs with international institutions, were told by the Commission that they needed to stick to the measures agreed upon under these programs. According to the evaluation, Romania has stable macroeconomic indicators, which fall within the limits agreed at European level. However, more structural reforms are needed, while delays are visible in other areas.
After two years of decline, Romania’s GDP went up 2.5% in 2011, but for 2012 the EC made a downward correction of its growth prognosis. Given the general economic slowdown in Europe, the estimated growth for Romania this year stands between 1.4 and 1.7%. The community executive claims that domestic demand in Romania could be an important economic and investment growth factor for 2012, sustained by improvements in absorbing community funds, which should be the driving engine.
The commission announced that the 2011 cash deficit target was met, and that the budget for 2012 was well on its way to reaching a deficit lower than 3% of the GDP, but that the Romanian authorities had to stick to solid fiscal policies for that to happen. The budget revenue target has been largely met. Tax receipts were higher than expected due to revenue from VAT, social security contributions and individual income tax, but revenues from excises were smaller.
Expenses were also fairly low and met the set target. The banking system is still solid, in spite of the fact that some assets have deteriorated in quality. The Commission’s recommendations for Romania are to speed up the restructuring of state-owned companies, the energy sector, transportation and health.
As for the national targets under the 2020 Europa Strategy, the EC said Romania was lagging behind in some respects, namely investment in research and development, employment opportunities, and the number of people at risk of poverty and social exclusion. On the other hand, a European Central Bank convergence report shows that Romania and the other seven countries aspiring to join the Eurozone do not meet all the economic and judicial criteria needed for them to enter the single currency area.
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