Press Release: Joint statement by the Presidency of the ECOFIN Council and the Commission on providing medium-term financial assistance to Romania

In view of the adverse effects of the global financial turmoil on the economic and financial situation in Romania, the Council Presidency and the Commission express the European Union's readiness to support Romania in avoiding risks of increasing market pressures and in achieving the orderly unwinding of imbalances.

The Commission is in close consultations with the Romanian authorities and the IMF to develop a joint response to bolstering Romania's macroeconomic situation and underpin balance-of-payments sustainability, in the form of a pro-active, insurance-based multilateral financing package..

The financial assistance is contingent upon a strong commitment by the Romanian authorities to implement a supportive policy programme. There is a clear need to mobilise all stakeholders and policy tools behind the goals of continuing to ensure macroeconomic and financial stability, as well as fiscal consolidation and sustainability. Implementation of the policy conditions to be agreed in the context of the EU facility will be monitored by the Commission in collaboration with the Economic and Financial Committee.

• Primary Source