On Tuesday, July 8, around 12.00, the finance ministers of the European Union meet in the EcoFin Council, where they will decide whether Romania has taken concrete steps to reduce the record budget deficit of 9.3%.
EcoFin will decide if Romania has taken concrete steps. Photo: Mediafax / Alexandru Dobre
At the center of the discussions is the first package of measures adopted by the government led by Ilie Bolojan, meant to restore the budget balance and to regain the confidence of the European Commission and the financial markets.
“It is extremely important to gain credibility in the relationship with the European Commission, with investors and our financiers. This first package of measures will be discussed in the Ecofin meeting on July 8. It is essential to stabilize in a short time the relationship with the markets, and by the end of July we will come with the second package, related to the payment request number 4 ”, Prime Minister Bolojan recently said at the Victoria Palace, within the Tripartite National Council for Social Dialogue, according to News.ro.
The European Commission warned on June 4, 2025 that Romania is the only country in the EU that has not taken effective measures to reduce the deficit, in the excessive deficit procedure.
The European Executive has recommended the Government to quickly adopt corrective measures, otherwise it risks triggering a procedure that can lead to the suspension of European cohesion funds and those in the National Plan of Redress and Resility.
Romania is currently dependent on the European funds for financing the deficit, and their loss could deepen the budget crisis. A positive evaluation today from EcoFin would be a positive sign that the Bucharest authorities begin to implement the requested reforms and that the country is going to regain the external credibility.
Otherwise, the next chance to convince EcoFin will be only in October.
