Recommendation for a Council Decision abrogating Decision 2009/590/EC on the existence of an excessive deficit in Romania

By Council Decision 2009/590/EC of 7 July 2009, following a recommendation from the Commission, it was decided that an excessive deficit existed in Romania. The Council noted that the general government deficit reached 5.4% of GDP in 2008, thus above the 3% of GDP Treaty reference value, while the general government gross debt was 13.6% of GDP, well below the 60% of GDP Treaty reference value.

On 7 July 2009, in accordance with Article 3(4) of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure, the Council, based on a recommendation from the Commission, addressed a recommendation to Romania with a view to bringing the excessive deficit situation to an end by 2011 at the latest.

On 12 February 2010, the Council, acknowledging that the Romanian authorities had taken effective action in compliance with the Council Recommendation of 7 July 2009 and that unexpected adverse economic events with major unfavourable consequences for government finances had occurred in Romania, addressed a revised recommendation to Romania with a view to bringing the excessive deficit situation to an end by 2012 at the latest.

In the view of the Council, the excessive deficit in Romania has been corrected and Decision 2009/590/EC should therefore be abrogated.

EUR-Lex: COM(2013)395: Follow the progress of this recommendation through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2013:395:FIN

ESO: Background information: Commission takes steps under the Excessive Deficit Procedure http://www.europeansources.info/record/memo-commission-takes-steps-under-the-excessive-deficit-procedure/

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