President of the European Commission Jose Manuel Barroso weighed in to support Romania’s economic reform agenda, against a background of opposition from political parties seeking to depose the Government over its financial policy. “We know that Romania has taken very difficult measures, tough measures, but the alternative would be even more difficult,” said Barroso on a visit to Bucharest. “The key now is to stay the course and implement the fiscal consolidation measures and structural reforms that the country needs.”
The EC President said that because Romania has one of the highest borrowing costs in the EU, without economic reform, the conditions for attracting investors, building trust and thus creating growth and jobs “will not be met”.
In October a combination of the opposition National Liberal Party (PNL) and Social Democratic Party (PSD) launched a vote of no confidence against the Government for its perceived financial mishandling of the Romanian budget, accusing the leadership of dictatorial tactics and nepotism.
The opposition claimed it had the right to launch the motion because opinion polls revealed public discontent with the leading Democratic Liberal Party (PDL) – the main party of Government.
The measure failed to pass Parliament but the PNL-PSD hinted it may launch further impeachments.
The EU has pumped in five billion Euro assistance package to Romania to limit the budget deficit and preserve macroeconomic security.
Barroso also “commended” the Romanian people and its authorities for their efforts during the global financial crisis.BCE, Citigroup, Comisia Europeana, FMI, Federal Reserve, Germania, Grecia, Irlanda, Marea Britanie, PIB, Rusia, SUA, Spania, Standard and Poor's, Ungaria, Uniunea Europeana, economie, obligatiuni, zona euro
The EC President said that because Romania has one of the highest borrowing costs in the EU, without economic reform, the conditions for attracting investors, building trust and thus creating growth and jobs “will not be met”.
In October a combination of the opposition National Liberal Party (PNL) and Social Democratic Party (PSD) launched a vote of no confidence against the Government for its perceived financial mishandling of the Romanian budget, accusing the leadership of dictatorial tactics and nepotism.
The opposition claimed it had the right to launch the motion because opinion polls revealed public discontent with the leading Democratic Liberal Party (PDL) – the main party of Government.
The measure failed to pass Parliament but the PNL-PSD hinted it may launch further impeachments.
The EU has pumped in five billion Euro assistance package to Romania to limit the budget deficit and preserve macroeconomic security.
Barroso also “commended” the Romanian people and its authorities for their efforts during the global financial crisis.BCE, Citigroup, Comisia Europeana, FMI, Federal Reserve, Germania, Grecia, Irlanda, Marea Britanie, PIB, Rusia, SUA, Spania, Standard and Poor's, Ungaria, Uniunea Europeana, economie, obligatiuni, zona euro
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