The newly designated government of Romania, formed of the Social Liberal Union (USL) alliance and led by Victor Ponta, eyes an average annual economic growth of 3% for 2013-2016 and maintaining an ESA-system budget deficit of under 3% until 2016, according to the USL governing program, published by the government on Thursday.It eyes reaching a structural budget deficit of 0.7% of GDP in 2014 and keeping it at that level in 2015 and 2016, but also reaching a "lower VAT level for basic food products within the limits of fiscal necessities" on the average term.
On research, the government wants to group all research institutions controlled by ministers and governmental agencies under the Education, Research and Innovation ministry.
On European funds, the Government eyes an absorption rate for non-reimbursable structural and cohesion funds of 50-80% by 2015.
On fiscal policies, the government says it plans to provide transparency for public funds, to simplify the tax system, to return to a 19% VAT and introduce progressive taxation.
The program defines the principles of the USL government.
Among them: compliance with the rule of law and individual rights
- compliance with Romania's commitments to foreign partners - the European Commission, the IMF and th World Bank - with the goal of an inclusive economic growth with a balance distribution among the population, by applying structural reforms which would allow increasing economic competitiveness.
- a new vision for Romania - economic development and social cohesion
- improving the absorption rate of structural funds as an essential condition to provide sustainable economic growth and limit foreign debt
- support economic freedom, private initiative and fair competition
- guarantee property rights
- efficient use of public money and war on tax dodgers
- accelerated structural reforms
- the development of competitive economy, of modern agriculture and industry
- sustainable social policies to provide free and equal access to education and health systems
- political reform, meaning an improved Constitution and a credible, legitimate Parliament
- regain the country's place worldwide as a respected partner within the European Union
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In a symbolic blow to the Government’s economic plans, Moody’s, one of the biggest global credit ratings agencies, downgraded Britain.
The agency said it had acted because of “continuing weakness in the UK's medium-term growth outlook”, the risk that the Government will fail to hit its targets for reducing the deficit and the UK's “high and rising debt burden”.
However, Moody’s predicted that on its current course, the UK will eventually regain its AAA status. Any relaxation in the deficit-reduction could lead to another downgrade, it suggested.
Mr Osborne insisted that the Coalition will not change course on the economy, saying the downgrade made it all the more important to stick to attempts to cut Britain’s deficit.
“Tonight we have a stark reminder of the debt problems facing our country - and the clearest possible warning to anyone who thinks we can run away from dealing with those problems,” Mr Osborne said.
And who is going to pay for the healthcare, housing, schooling and welfare of the expected East Europian arrivees ?
Cameron and his cronies must address this problem before it's too late or have they got thier future jobs in banking already waiting ?
The emphasis now is the medium term investment policy...where is it ?.........that's the middle stump...
The cadets from whatever party better get working to avoid a Japanese style slump... the danger of implementing knee jerk policies, "cost it what it may" to correct, actually making things worse for the population.
The biggest bug for the cadets is recreating a decent platform for savers which since 08 has diminished the returns by 20% or more.
The danger now for investment houses is a rush of people surrendering thêir fund policies or swapping them into an alternative currency...
None of this looks hopeful...as private debt continues to rocket.
Overseas investors are naturally looking for consistent steady returns which cannot be found in the UK...FE tops the bill and will continue to do so.
Carney's job starts in June.....bit of a gap appearing.
Europe is heading for a DEPRESSION like that of the 1930s if not worse. What the clever European finance experts are implementing now, austerity and cuts, is a recipe for disaster. There is no alternative to INCREASING PRODUCTIVITY.
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