Commission proposes opening Excessive Deficit Procedure for Romania

The Commission has proposed to the Council to open an Excessive Deficit Procedure for Romania and adopted a recommendation to the Council setting out the adjustment requirements. The proposed recommendation provides that Romania should pursue a credible and sustainable adjustment path with a view to putting an end to the excessive deficit by 2022, at the latest. Today’s decisions follow the adoption of the Commission’s Art. 126(3) Report, which found that Romania has failed to comply with the deficit criterion of the Treaty and that the opening of an Excessive Deficit Procedure is therefore warranted. The Economic and Financial Committee shared this assessment in its Opinion of 24 February 2020.The next step is for the Council to decide on the existence of an excessive deficit in Romania and to adopt its recommendation on the adjustment path and the deadline to end the excessive deficit situation.