26.06.2015 - European Commission staff visited Romania between 16 and 26 June 2015 to conduct a review of the precautionary EU balance of payments financial assistance programme (2013-15).
Important steps have been taken in some areas and the macroeconomic situation is strong. However, the overall progress in implementing the jointly agreed policy measures has not been sufficient, predominantly in relation to fiscal policy, to allow for a staff-level agreement with the Romanian authorities.
Looking forward, programme achievements should be preserved as they form the basis for continued strong and balanced growth and job creation. Sound fiscal policies and the completion of the structural reforms started under the programme will be particularly important in this regard.
Supported by three consecutive balance of payments assistance programmes, Romania has corrected its external and internal imbalances and has regained market access. Growth has been robust in recent years, unemployment is decreasing, inflation is at historical lows, and the financial sector has shown strong resilience.
The current EU balance of payments financial assistance programme, formally agreed in October 2013, runs in parallel with an IMF Stand-By Arrangement. The programme was of a precautionary nature and no actual disbursements were envisaged. The programme provided support to Romania aiming at consolidating macroeconomic, fiscal and financial stability, increasing the resilience and the growth potential of the economy. Moreover, strong emphasis was put on enhancing administrative capacity, reforming the tax administration, improving public financial management and governance and restructuring state-owned enterprises.
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