| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2014) 424 final (02.06.14) |
| Publication Date | 02/06/2014 |
| Content Type | Policy-making |
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On 9 July 2013, the Council adopted a recommendation on Romania’s 2013 national reform programme and delivered its opinion on Romania’s 2013 convergence programme for 2012-2016. On 22 October 2013, the Council adopted Decision 2013/531/EU providing medium-term financial assistance to Romania of up to €2 billion until September 2015. Precautionary medium-term financial assistance for Romania under the balance-of-payments facility for non euro-area Member States was considered appropriate due to unstable capital flows affecting in particular emerging markets, risks to the macroeconomic scenario, and remaining vulnerabilities in the banking sector. While, under present market conditions, Romania does not intend to request the disbursement of any instalment, the precautionary assistance is expected to help consolidate macroeconomic, budgetary and financial stability and, through the pursuit of structural reforms, to increase the resilience and the growth potential of the Romanian economy. The Memorandum of Understanding of 6 November 2013 and its subsequent supplements laying down the conditions to be fulfilled under the EU precautionary assistance complement and support the country-specific recommendations of the European Semester. The EU precautionary assistance will be conditional upon the implementation of a comprehensive economic policy programme, with a particular focus on structural reform measures including those country-specific recommendations relating to administrative capacity, product market reforms, the business environment, labour markets, pensions, state-owned enterprises, and healthcare. This agenda does not exempt the Romanian government from fully implementing all the country-specific recommendations. The policy prioritisation, implementation and coordination necessary for implementing the Memorandum of Understanding and the country specific recommendations, should be dealt with where priority decisions are made, in a coherent way. On 6 May 2014, Romania submitted its 2014 national reform programme and on 5 May 2014 its 2014 convergence programme. In order to take account of their interlinkages, the two programmes have been assessed at the same time. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2014:424:FIN |
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| Countries / Regions | Europe, Romania |
